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completed contract method definition

GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled. The contract is considered complete when the costs remaining are insignificant.
Under the percentage-of-completion method, contract revenue and expenses are recognized as work progresses rather than when the work is complete. Otherwise, the accounting for construction-type contracts under U.S. GAAP is generally similar to that under IFRSs.
generally accepted accounting principles, the PCM is the preferred method GAAP also allows the completed contract method, in which a contractor don't

5 May 2017 The completed contract method is used to recognize all of the revenue and profit associated with a project only after the project has been
4 Oct 2015 Two generally accepted methods (for GAAP). – Percentage of Completion. – Completed Contract. They are not acceptable alternatives to each.

FASB Accounting Standards Codification, U.S. GAAP, CPA Exam, CPA Examination, Long-Term Construction-Type Contracts Completed Contract Method
IFRS guidance is universal; Standard 18 sets forth general principles and The “completed contract method" is standard under GAAP; you must wait to finish
Issues Discussed by FASB Emerging Issues Task Force (EITF) The completed-contract method recognizes income only when the contract is completed, or.

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August 2017