Accounting for costs and revenues associated with a construction contract requires more than the usual “Is it deductible?” or “How much of the funds we received should be recognized as income? In this period?” Answering both of those questions will require the tax accountant to know “With what contract an item is associated. Understanding contract terms, limits, special conditions, starting date, ending (penalty date), and more, involves special rules in addition to “regular determination of income.” Discussion Leader: Lynn Nichols
