New Accounting Standard Revenue Recognition - Implementation Planning for the Construction Industry

When:  Jun 14, 2016 from 7:30 AM to 10:30 AM (ET)
Associated with  CtValley, Hartford, CT

       New Users - Create an Account Here

- In order to register online for an event you are required to login.
- If you need to create a user account please start the process below.  Forgot your password?
- After your user account is created, you can "Register Now" with your new login credentials.
- Please Agree to the Terms of Service after logging in to begin using the Connection Café.



New Accounting Standard

Revenue Recognition: Implementation Planning for the Construction Industry

 

The Speaker: Dusty Stallings

Partner, PricewaterhouseCoopers LLP

Member, AICPA FinRec Revenue

Recognition Task Force

Who should attend: Contractors, sureties, bankers, accountants, software companies, insurance agents, and others serving the industry

 Date:       June 14, 2016

 Location:        Courtyard by Marriott, 4 Sebethe Drive, Cromwell, CT  06416

 Time:   7:30 am -  Registration & breakfast;  8:00 am - 10:30  Program                                                     

Cost:           $40.00 - Members; $50.00 Non-members     

  

About:

The FASB issued their long-awaited converged standard on revenue recognition. Almost all entities will be affected to some extent by the significant increase in required disclosures. But the changes extend beyond disclosures, and the effect on entities will vary depending on industry and current accounting practices.

Entities in the engineering and construction industry applying U.S. GAAP or IFRS have primarily been following industry guidance for construction contracts to account for revenue. These standards were developed to address particular aspects of long-term construction accounting and provide guidance on a wide range of industry-specific considerations including:

The new revenue standard will replace the construction contract guidance and substantially all existing revenue recognition guidance under U.S. GAAP and IFRS. This includes the percentage-of-completion method and the related construction cost accounting guidance as a standalone model.

The standard seems similar to existing GAAP, however, the implementation is much more complicated than many have assumed. Analysis is required, additional information will need to be obtained for disclosure and information systems and related controls will require modifications. This standard will change revenue recognition on the financial statements, but not how you bill the owner. Income tax construction accounting regulations are not changing. Accordingly, contractors will need to continue to provide the same information as you do today to serve the customer and prepare income tax returns, but now must capture the information to follow generally accepted accounting principles.

The program will provide an overview of the standard and its implication to the construction contractor. The focus of the program will be on the implementation issues observed at companies currently adopting the standard and what you should be thinking about as the standard’s effective date approaches. 

CFMA Rev Rec 6.2016.pdf

Location

Courtyard by Marriott
4 Sebethe Drive
Cromwell, CT 06416

Pricing Information

Registration Price
CFMA-Member $40.00
Non-CFMA-Member $50.00

Contact

Alyson Krug
860-241-7458
alyson.g.krug@pwc.com