Contract accounting - holding back reserves
ID:CVHBR
Video Overview
The completed contract method is the less common method and only recognises profits at the end of the contract period. The percentage-of-completion method recognises profits at the end of each financial year of the contract period based on a certain percentage of work completed. When calculating profit to be recognised, it is common practice to create a provision for profit shortfall in case of unforeseen problems, which reduces the profit recognised. In this tutorial we will discuss contract accounting - holding back reserves.
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