A critical accounting issue in the eyes of the Financial Accounting Standards Board revolves around the way businesses recognize revenue, and an exposure draft has been issued that could affect all industries, even the construction industry.
For decades, the construction industry has been recognizing revenue according to one standard, which is “Statement of Position 81-1, Accounting for Performance of Construction Type and Certain Production-Type Contracts.” This standard outlined the percentage of completion and completed contract methods of recognizing revenue as well as proposed guidelines for when to use each of these methods.
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