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Construction accounting update — Prepare now for potential
revenue recognition changes
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FASB has recently
issued a new Accounting Standards Update that addresses revenue recognition
under U.S. GAAP. The new rules contained therein are an attempt to standardize
and simplify the revenue recognition process for customer contracts across
different industries and geographic locations. The standard provides a road map
for businesses to more clearly recognize contractual revenue on their financial
statements via a five-step approach. But the article notes that there are still
uncertainties, and explains how contractors must account for change orders
under the standard. A sidebar explains that the new rules will likely require
contractors to disclose more information than was typical in the past.
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| Industry forecast:
Blue skies ahead |
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The clouds are
finally starting to lift on the U.S. construction industry. Or so say
economists from three large U.S. construction and building trade associations
during a joint meeting this past August. This article reveals their findings,
which foresee a vibrant environment for nonresidential construction spending
and more moderate growth for the residential market.
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Could a shareholder loan satisfy your surety?
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For ambitious
contractors, sureties can be difficult to please. But one strategy that may
help is to execute a shareholder loan. Although a move like this has its risks,
doing so may enhance a contractor’s capital standing expediently
without pushing it into the complexity of outside financing. This article
explains some of the nuts and bolts of shareholder loans, including the tax
implications.
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| Construction Success
Story — HR software helps track contractor’s growing workforce |
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Labor costs can
make or break a project. This issue’s “Construction Success
Story” profiles the owner of a midsize commercial construction
company who was venturing into new territory with large, ambitious projects,
but also finding HR challenges he wasn’t accustomed to. His financial
advisor recommended carefully choosing and implementing an HR management system
that would allow him to truly understand every facet of his company’s
labor costs at any given time.
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This publication is distributed
with the understanding that the author, publisher and distributor are not
rendering legal, accounting or other professional advice or opinions on
specific facts or matters, and accordingly assume no liability whatsoever in
connection with its use. ©2015 • CONjf15
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