Are you interested in understanding the proposed new requirements for revenue recognition for construction contracts? The Financial Accounting Standards Board (FASB) recently released an Exposure Draft on revenue recognition accounting which would significantly change how the construction industry has historically recognized revenue.

The Exposure Draft, titled “Revenue from Contracts with Customers,” provides that revenue recognition would follow a performance obligation model so that revenue and resulting gross profit recognized as "performance obligations" are satisfied. This model differs from the current model that uses the entire contract under the present percentage of completion model. The new proposed model would impact the timing of revenue recognition and impact the pattern of recognizing gross profit. We will address this topic as well as the others, including:

• Revenue Recognition – What changes will come with the proposed new standard?
• Going-Concern Opinions – What should you know about them?
• Leases – What can you expect under the new rules?
• Multi-Employer Pension Plans – Are the correct liabilities recorded?
• Uncertainty in Income Taxes – Is this potential liability a good or bad thing?
• Fair Value Measurements – What is fair value and what can you expect?
• Impairment of Assets – What should you do about it?
• Restructuring of Debt – Or is forgiveness of debt better?
• Minority Interest vs. Non-Controlling Interest – What is the difference?
• Financial Statement Presentations – What will they look like in the future?

Please forward this email to your surety associates if you believe they are also interested in staying current on the latest changes and new accounting standards. These new standards include those that have been released in the last 30 days!

Seats are limited, so register today!