Revenue Recognition for Construction Contractors: International Accounting Standards and Construction Audits

Changes to long-term contract accounting will affect the way contractors recognize revenue For over 30 years, the accounting principles governing accounting for construction-type contracts have been primarily centralized to one piece of guidance; Financial Accounting Standards Board (FASB) Statement of Position (SOP) 81-1. However, this long-standing pronouncement will be superseded in the near future due to the ongoing push for … Read More