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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Government Contractors Perspective and Issues

ARB 43 governs the accounting and income recognition issues concerning cost‐plus‐fixed‐fee and fixed‐price supply contracts. The fees under government cost‐plus‐fixed‐fee contracts are recognized as income on the basis of partial performance if there is reasonable assurance of realization. Fees are also accrued as they become billable unless this accrual is not reasonably related to the proportionate performance of total work to be performed.

This pronouncement also covers renegotiation (refunds of excessive profits) and contracts terminated for the convenience of the government.

Table . 25-1: Sources of GAAP
ARB
43 (Chapter 11)

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