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where stated maximum costs are exceeded Under cost-plus agreements, the contractor is usually reimbursed for its costs as costs are incurred and, in addition, is paid a speci ed fee In most cases, a portion of the fee is retained until the construction is completed and accepted The method of recording income under cost-plus contracts generally is the same as for xed price contracts and is described below (a) AUTHORITATIVE LITERATURE In 1955, the AICPA Committee on Accounting Procedures issued ARB No 45 Long-Term Construction-Type Contracts This document described the generally accepted methods of accounting for long-term construction-type contracts for nancial reporting purposes and described the circumstances in which each method is preferable In 1981, the AICPA issued SOP 81-1, Accounting for Performance of Construction-Type and Certain Production-Type Contracts This Statement culminated extensive reconsideration by the AICPA of construction-type contracts The recommendations set forth therein provide guidance on the application of ARB No 45 but do not amend that Bulletin In 1982, the FASB issued SFAS No 56, Contractor Accounting which states that the specialized accounting and reporting principles and practices contained in SOP 81-1 are preferable accounting principles for purposes of justifying a change in accounting principles Prior to the issuance of SOP 81-1, authoritative accounting literature used the terms long term and short term in identifying types of contracts SOP 81-1 chose not to use those terms as identifying characteristics because other characteristics were considered more relevant for identifying the types of contracts covered The guidelines set forth below are based largely on SOP 81-1 (b) METHODS OF ACCOUNTING The determination of the point or points at which revenue should be recognized as earned and costs should be recognized as expenses is a major accounting issue common to all business enterprises engaged in the performance of construction contracting Accounting for such contracts is essentially a process of measuring the results of relatively longterm events and allocating those results to relatively short-term accounting periods This involves considerable use of estimates in determining revenues, costs, and pro ts and in assigning the amounts to accounting periods The process is complicated by the need to continually evaluate the uncertainties that are inherent in the performance of contracts and by the need to rely on estimates of revenues, costs, and the extent of progress toward completion There are two generally accepted methods of accounting for construction contracts: the percentage of completion method and the completed contract method The determination of the preferable method should be based on an evaluation of the particular circumstances, as the two methods are not acceptable alternatives for the same set of circumstances The method used and circumstances describing when it is used should be disclosed in the accounting policy footnote to the nancial statements (i) Percentage of Completion Method The use of this approach depends on the ability of the contractor to make reasonably dependable estimates The percentage of completion method should be used in circumstances in which reasonably dependable estimates can be made and in which all the following conditions exist:
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The contract is clear about goods or services to be provided, the consideration to be exchanged,
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and the manner and terms of settlement
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The buyer can be expected to pay for the services performed The contractor can be expected to be able to perform his contractual obligations
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The percentage of completion method presents the economic substance of activity more clearly and in a more timely manner than does the completed contract method It should be noted that estimates of revenues, costs, and percentage of completion are the primary criteria for income recognition Billings may have no real relationship to performance and generally are not a suitable basis for income recognition
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