Understanding Onerous Contracts: Definition, Examples, and Accounting Rules

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.
Accounting Today

FASB plans updates on contract assets and liabilities, credit losses

The Financial Accounting Standards Board has decided to tweak some of its standards related to contract assets and liabilities for construction contractors in response to recommendations from its ...
Accounting Today

FASB releases credit losses standard for AR and contract assets

The Financial Accounting Standards Board published an accounting standards update Wednesday with optional guidance on the measurement of credit losses for accounts receivable and contract assets. The ...
CONTRACTOR

Online Exclusive: Accounting Basics for Small Contractors — The Balance Sheet

Previously, we discussed some ways to improve cash flow within a company. This evolved from a question that was posed by contractors on a message board regarding the difference between profits and ...
The New York Times

MAKE A $25,000,000 CONTRACT.; Carnegie and American Sheet Steel Companies Arrange a Truce -- Big Tube Plant May Not Be Built.

Special to The New York Times. TimesMachine is an exclusive benefit for home delivery and digital subscribers. About the Archive This is a digitized version of an article from The Times’s print ...
thedailytimes

Can do: $1.5 billion Arconic can-sheet contracts bring 200 new plant jobs

Alcoa’s Arconic plant has a clear vision of the future after it recently announced six companies had signed contracts worth $1.5 billion for aluminum can materials, a move that will see the company ...