contract accounting

The major sticking point in reaching a compromise has been a provision in the House bill that would repeal the "completed contract accounting method" used by many defense contractors to defer part of their taxes until completion of a contract.

'Really, it just follows the principles of long-term contract accounting, but we ought to be able to do it better than SSAP 9 practitioners because, while they apply the theory to a handful of different contracts, we are applying it to 20m policies.