Not Home Yet Essay

848 words - 4 pages

Copyright 2011 Deloitte Development LLC
All Rights Reserved.
Case 12-05
Aren’tWe Done Yet?
LabCo is a large construction contracting firm that serves a variety of industrial customers that purchase machinery and equipment from LabCo. LabCo’s business primarily involves the design and manufacture of large industrial-sized machinery and tooling that is used by its customers in manufacturing parts and components for fighter jets, transport planes, and other aerospace-related machinery and equipment.
All of LabCo’s construction contracts involve the design, development, and manufacture of machines that are unique and customized to the specifications of its customers. LabCo negotiates all ...view middle of the document...

However, LabCo also believed that with its extensive experience performing under similar contracts, including previous contracts with Halibut, the percentage-of-completion method of accounting for the new Halibut contract was appropriate.
After the commencement of the new Halibut contract, LabCo began to experience significant difficulties in the design and manufacture of the six-axis laser cutting machine. Initial designs had to be redone, certain engineering costs had to be outsourced to a significant extent because of the termination of a very experienced and key member of the engineering team, and the cost of steel used in the frame of the six-axis machine had risen unexpectedly. These changes led to a revision of LabCo’s estimates for the overall cost to complete the contract, and because of these cost overruns, LabCo expected that the overall project would incur total costs that would be in excess of the total fixed-fee contract price negotiated with Halibut. LabCo management updated its estimates used in percentage-of-completion accounting to reflect both the cost overruns incurred as well as the cost overruns expected to be incurred. LabCo management also recorded a
Case 12-05: Aren’t We Done Yet? Page 2
Copyright 2011 Deloitte Development LLC
All Rights Reserved.
provision for the entire loss on the contract in the period in which it became aware that contract costs would exceed the total contract value.
After a further six-month delay in the design and construction, LabCo finally delivered the six-axis laser cutting machine to Halibut. However, when placed...

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