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Contractors – How to Implement the New Revenue Recognition Standards

Download the slide deck here!

Major accounting for revenue recognition rule changes will soon go into effect — and they will have a considerable impact on how many construction companies report their financial results. The 700-page revenue recognition accounting standard includes new rules that will require contractors to not only disclose more information than they do now, but also change how contractors report contracts and recognize income. VonLehman’s Dan Owens and Andrew Donohoe discuss what’s changing, when the changes must be implemented, and how they’ll affect financial statements.

This event qualifies for 1 hour of Continuing Professional Education credit.

Learning objectives:

  • Difference between current GAAP and Topic 606 (New Revenue Recognition Standard)
  • Assessment of current resources
  • Tax accounting methods and tax planning impact
  • New internal accounting controls and procedures development
  • Disclosure pre- and post-implementation
  • Transition method and implementation date selection
  • How the changes will affect your company’s financial statements in the future