For more information, visit: An onerous contract is an agreement that offers more costs than benefits to one party. For example, a contractor might agree to build a home at a set price, only to have a spike in raw materials pricing drive the cost of construction past the expected earnings from the project. In accounting statements, onerous contracts need to be included as liabilities for a business, as they reflect expenses that must be met. These statements may include notes to discuss the type of contract and the situation, providing context for readers.
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For more information, visit: An onerous contract is an agreement that offers more costs than benefits to one party. For example, a contractor might agree to build a home at a set price, only to have a spike in raw materials pricing drive the cost of construction past the expected earnings from the project. In accounting statements, onerous contracts need to be included as liabilities for a business, as they reflect expenses that must be met. These statements may include notes to discuss the type of contract and the situation, providing context for readers.
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