Preparing for the New Revenue Recognition Standard
Recorded On: 03/20/2018
Companies need to be prepared to adopt the new revenue recognition standard the Financial Accounting Standards Board (FASB) introduced on May 18, 2014, in its release of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The standard becomes effective for public companies for the first interim period beginning after December 15, 2017, and nonpublic companies starting years after December 15, 2018.
This ASU will significantly affect the current revenue recognition practices of most companies, especially construction contractors. It could also impact the timing and amount of revenue reported, key performance indicators, debt covenant ratios, bond programs, contract negotiations, business activities, and budgets. Our speaker will discuss what business owners need to consider in adopting the ASU and its impact on their businesses.
Participants will learn best practices for transitioning to the new ASU, the five steps FASB recommends to adopt the ASU, and what disclosers will be required.
Martin C. McCarthy, CPA, CCIFP
Managing Partner, McCarthy & Company, PC
Martin C. McCarthy, CPA, CCIFP is the managing partner of McCarthy & Company, PC. He is well-respected by sureties and bankers for the high-quality of his work and profound understanding of the construction industry. Marty helps clients by providing them with the insight needed to grow their business.
A speaker and author on topics related to construction accounting and financial management, Marty is frequently featured in leading trade and business publications including Managing Your Business (Construction Executive), Utility Transportation Contractor (UTCA), New Jersey CPA (NJCPA), the Philadelphia Business Journal, and NJBIZ.