Construction contracts are examples of contracts that may span a number of accounting periods and that may use the percentage-of-completion method.
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3.2.1. Long-Term Contracts s may be done using the percentage-of-completion method.16 Under the percentage-of-completion method, revenue is recognized based on the stage of completion of a transaction or contract and is, thus, recognized when the services are rendered. <span>Construction contracts are examples of contracts that may span a number of accounting periods and that may use the percentage-of-completion method.17 IFRS provide that when the outcome of a construction contract can be measured reliably, revenue and expenses should be recognized in reference to the stage of completion. US GAAP have
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