Your friend complains to you that she is unable to figure out what the FASB wants. In

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Your friend complains to you that she is unable to figure out what the FASB wants. In its Concepts Statements, it says it wants neutral, not conservative accounting. But then it doesn’t treat gains and losses on long-term contracts equally. If you have a longterm contract, and you expect it to lose money, you recognize all the loss at once, but if you expect it to make money, you recognize the gains slowly, as you do the work. Is she right? Is the FASB inconsistent? Can you think of a good reason for not treating profitable and unprofitable contracts the same?

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