When Does GAAP Require the Completed Contract Method?
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When does GAAP require that the completed contract method be used?
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.The solution provides an answer and explanation to the question "When does GAAP require that the completed contract method be used?"
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GAAP requires that the completed contract method be used when uncertainty obscures the total costs the contractor will incur in carrying out the project and in situations when a firm has not found a specific buyer while construction progresses.
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