Preparing for the New Revenue Recognition Standard
Recorded On: 03/20/2018
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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
Office Managing Partner
Marcum
Marty McCarthy is the office managing partner of Marcum’s Blue Bell, PA, and Tinton Falls, NJ offices and serves as the Firm’s Mid-Atlantic Construction practice leader. With more than three decades of experience working with construction companies, his collaborative and solution-focused approach, technical proficiency, and deep industry knowledge have made him a trusted advisor to contractors looking to operate more efficiently and optimize growth.
Before merging his practice into Marcum in 2023, Mr. McCarthy was the managing partner of McCarthy & Company, PC. Under his leadership, McCarthy & Company was named one of The Top 50 Construction Accounting Firms™ by Construction Executive for four consecutive years (2019-2022) and recognized by Accounting Today as a 2023 Mid-Atlantic Regional Leader and one of the “Best Accounting Firms to Work For” (2019-2022). City & State Pennsylvania named Mr. McCarthy to its 2023 Construction Power 100 List. He was the only accountant to earn the distinction.
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