FASB ASC 912 – Contractors – Government
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 912 (ASC 912) to address entities doing business with the federal government.
This is because the government behaves in ways, at times, significantly different than non-governmental companies. The types of activities contracts engage in varies from building military vehicles to providing professional services, and several others in between.
For more in depth information on this and other FASB ASC topics, check out the following books.
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