Construction costs

I tried a procedure for it and hope it works out:
calculate total profit expected from total contract price and total costs to be incurred on entire project. Calculate stage of completion from agreed certified work divided by contract price. Then use percentage calculated against expected total profit to determine specific profit for the year requested for, which is used to find balancing figure for costs in that specific year requested to calculate.
To determine asset/liability: use total costs incurred for that specific year, add total profit recognised in that particular year less progress billings.