What is an onerous loss on a contract? When is the provision for the loss recognized?

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Intermediate Accounting

ISBN: 978-0071339476

Volume 1, 6th Edition

Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I

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Question Posted: Feb 17, 2015 07:53 AM

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What is an onerous loss on a contract? When is the provision for the loss recognized?

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An onerous contract is a contract that is unprofitable and arises when the consideration yet to be ...View the full answer

Intermediate Accounting

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