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(ii) Cost Determination At any time during the life of a contract, total estimated contract cost consists of two components: costs incurred to date and estimated cost to complete the contract A company should be able to determine costs incurred on a contract with a relatively high degree of precision The other component, estimated cost to complete, is a signi cant variable in the process of determining income earned and is thus a signi cant factor in accounting for contracts SOP 81-1 states that the following ve practices should be followed in estimating costs to complete: 1 Systematic and consistent procedures that are correlated with the cost accounting system should be used to provide a basis for periodically comparing actual and estimated costs 2 In estimating total contract costs the quantities and prices of all signi cant elements of cost should be identi ed 3 The estimating procedures should provide that estimated cost to complete includes the same elements of cost that are included in actual accumulated costs; also, those elements should re ect expected price increases 4 The effects of future wage and price escalations should be taken into account in cost estimates, especially when the contract performance will be carried out over a signi cant period of time Escalation provisions should not be blanket overall provisions but should cover labor, materials, and indirect costs based on percentages or amounts that take into consideration experience and other pertinent data 5 Estimates of cost to complete should be reviewed periodically and revised as appropriate to re ect new information (iii) Revision of Estimates Adjustments to the original estimates of the total contract revenue, cost, or extent of progress toward completion are often required as work progresses under the contract, even though the scope of the work required under the contract has not changed Such adjustments are changes in accounting estimates as de ned in APB Opinion No 20 Under this Opinion, the cumulative catch-up method is the only acceptable method This method requires the difference between cumulative income and income previously recorded to be recorded in the current year s income Exhibit 305 illustrates the percentage of completion method The amount of revenue, costs, and income recognized in the three periods would be as follows:
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A contracting company has a lump-sum contract for $9 million to build a bridge at a total estimated cost of $8 million The construction period covers three years Financial data during the construction period is as follows: (thousands of dollars) Total estimated revenue Cost incurred to date Estimated cost to complete Total estimated cost Estimated gross pro t Billings to date Collections to date Measure of progress Year 1 $9,000 $2,050 6,000 $8,050 $ 950 $1,800 $1,500 25% Year 2 $9,100 $6,100 2,000 $8,100 $1,000 $5,500 $5,000 75% Year 3 $9,200 $8,200 $8,200 $1,000 $9,200 $9,200 100%
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(d) COMPLETED CONTRACT METHOD This method recognizes income only when a contract is completed or substantially completed, such as when the remaining costs to be incurred are not signi cant Under this method, costs and billings are re ected in the balance sheet, but there are no charges or credits to the income statement
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306 CONSTRUCTION CONTRACTS
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To Date
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Recognized Prior Year (thousands of dollars)
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Current Year
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Year 1 (25% completed) Earned revenue ($9,000,000 025) Cost of earned revenue ($8,050,000 025) Gross pro t Gross pro t rate Year 2 (75% completed) Earned revenue ($9,100,000 075) Cost of earned revenue ($8,100,000 075) Gross pro t Gross pro t rate Year 3 (100% completed) Earned revenue Cost of earned revenue Gross pro t Gross pro t rate
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$2, 2500 2,0125 $ 2375 105% $6, 8250 6,0750 $ 7500 110% $9, 2000 8,2000 $1,0000 109% $ $2, 2500 2,0125 2375 105% $6, 8250 6,0750 $0,7500 110%
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$2, 2500 2,0125 $ 2375 105% $4, 5750 4,0625 $ 5125 112% $2, 3750 2,1250 $0,2500 105%
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Exhibit 305 Percentage of completion, three-year contract (Source: AICPA)
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As a general rule, a contract may be regarded as substantially completed if remaining costs and potential risks are insigni cant in amount The overriding objectives are to maintain consistency in determining when contracts are substantially completed and to avoid arbitrary acceleration or deferral of income The speci c criteria used to determine when a contract is substantially completed should be followed consistently Circumstances to be considered in determining when a project is substantially completed include acceptance by the customer, departure from the site, and compliance with performance speci cations The completed contract method may be used in circumstances in which nancial position and results of operations would not vary materially from those resulting from use of the percentage of completion method (eg, in circumstances in which an entity has primarily short-term contracts) In accounting for such contracts, income ordinarily is recognized when performance is substantially completed and accepted For example, the completed contract method, as opposed to the percentage of completion method, would not usually produce a material difference in net income or nancial position for a small contractor that primarily performs relatively short-term contracts during an accounting period If there is a reasonable assurance that no loss will be incurred on a contract (eg, when the scope of the contract is ill-de ned but the contractor is protected by a cost-plus contract or other contractual terms), the percentage of completion method based on a zero pro t margin, rather than the completed contract method, should be used until more precise estimates can be made The signi cant difference between the percentage of completion method applied on the basis of a zero pro t margin and the completed contract method relates to the effects on the income statement Under the zero pro t margin approach to applying the percentage of completion method, equal amounts of revenue and cost, measured on the basis of performance during the period, are presented in the income statement and no gross pro t amount is presented in the income statement until the contract is completed The zero pro t margin approach to applying the percentage of completion method gives the users of general purpose nancial statements an indication of the volume of a company s business and of the application of its economic resources
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