Question: Cost estimates on a long-term contract may indicate that a loss will result on completion of the entire contract. In this case, the entire

Cost estimates on a long-term contract may indicate that a loss will result on completion of the entire contract. In this case, the entire

Cost estimates on a long-term contract may indicate that a loss will result on completion of the entire contract. In this case, the entire expected loss should be deferred and recognized when the contract is completed, regardless of whether the percentage-of-completion or completed-contract method is employed. O recognized in the current period under the percentage-of-completion method, but the completed-contract method defers recognition of the loss to the time when the contract is completed. O recognized in the current period, regardless of whether the percentage-of-completion or completed-contract method is employed. O recognized in the current period under the completed-contract method, but the percentage-of-completion method defers the loss until the contract is completed.

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