Topic 606: Revenue Recognition and the Impact to Contractors Financial Statements
Recorded On: 05/12/2021
With the construction industry a full year into the revenue recognition rules being adopted by non-public entities, our speakers will discuss the key changes that have come forth and review the modifications that users of the financial statements should be seeing to ensure proper adoption is present. Recent changes to the presentation of retainage receivable will also be discussed along with the change to contract assets and liabilities, followed by an open forum Q&A session.
- Moderator: Joseph Natarelli, National Construction Services Leader
- Robert Mercado, New England Construction Services Leader
- Jim Miller, Partner, Assurance Services
- Michelle Johnson, Senior Manager, Assurance Services
- James Wiedemann, Director, Assurance Services
Senior Manager, Assurance Services
Michelle Johnson is a senior manager in the Assurance Services division of the Firm’s New Haven, Connecticut office. She has more than 20 years of experience in public accounting. Ms. Johnson specializes in audit, tax and other financial services for privately held businesses. Her industry experience includes, but is not limited to construction, engineering (specifically related to Federal Acquisition Regulations (FAR)), professional services, not-for-profits, healthcare, energy service companies, and employee benefit plans.
Joseph Natarelli (Moderator)
CPA, Construction Services Leader
Joseph Natarelli is leader of the Firm’s national Construction Industry Practice group, as well as the Firm’s office managing partner in the Long Wharf Drive office in New Haven, Connecticut. In addition, he is a member of the Firm’s Management Committee. Mr. Natarelli has more than 30 years of experience with international accounting and consulting firms. He frequently serves as the lead audit engagement partner for a variety of consulting matters.
Mr. Natarelli is experienced in providing auditing and consulting services related to corporate acquisitions, divestitures, and mergers and refinancing. He is highly trained in the accounting and structuring of these transactions. He has been interviewed by a number of prestigious media outlets including the Wall Street Journal, Bloomberg, Businessweek and Fox Business.
Robert S. Mercado
Partner, Assurance Services
Robert S. Mercado is a partner in the Assurance Services division and serves as the Construction Assurance Group Leader and the New England Regional Construction Leader. He has more than 25 years of experience conducting, reviewing and analyzing financial information for construction contractors, manufacturers and service corporations.
As a Certified Construction Industry Financial Professional, Mr. Mercado has an expertise in troubleshooting problem job performance for construction projects and recommending practices to enhance profitability. In addition, he is knowledgeable with systems analysis and with the tailoring of accounting software to meet clients’ needs.
Mr. Mercado is a frequent speaker on accounting and auditing matters for construction companies, industry organizations and professional development courses. He has been acknowledged in several publications of the AICPA’s Audit and Accounting Guide – Construction Contractors and AICPA’s Audit Risk Alert - Real Estate and Construction Industry Developments.
In addition, Mr. Mercado is the co-author of the AICPA’s Construction Contractor: Accounting and Auditing and Construction Contractors Advanced Issues Training Manuals.
James W. Miller
James Miller is an integral member of the Firm’s National Construction Industry group and is located in the Firm's Long Wharf Drive office in New Haven, Connecticut. He has more than 13 years experience compiling, reviewing and analyzing financial statements for construction contractors and other allied companies. Mr. Miller has also been involved in high profile and sensitive engagements regarding fraud and litigation support and due diligence projects for business acquisitions. A sought-after speaker on construction accounting and auditing matters, Mr. Miller has conducted internal training seminars and has presented on issues and updates regarding the construction industry and construction engagements. In addition, Mr. Miller has applied his knowledge and expertise to the success of two large engagements for universities within Connecticut.
Mr. Miller’s specialties include troubleshooting problem job performance for construction projects and recommending practices to enhance profitability. He has considerable experience with construction claims matters and has provided litigation support services in this area. Additionally, Mr. Miller has an in-depth knowledge of systems analysis and tailoring of accounting software to meet clients’ needs. Mr. Miller began his career at Marcum when he joined the Firm in 2002.
Director, Assurance Services
James Wiedemann is a director in the Assurance Services division of the Firm’s New Haven, Connecticut office. He has more than 10 years experience providing compilation, review and audit procedures in the construction and manufacturingindustries.
Mr. Wiedemann has experience with reporting requirements, revenue recognition and cost allocation techniques within the construction industry. He has in-depth knowledge of the accounting literature and is able to recommend changes to clients to increase productivity and overall output of information.
Mr. Wiedemann has prepared and presented internally and externally on construction accounting and auditing matters and serves as an advisor to professional staff providing on-the-job training. He has been acknowledged in several publications of the AICPA’s Audit and Accounting Guide – Construction Contractors. In addition, Mr. Wiedemann is the co-author of the AICPA’s Construction Contractor: Accounting and auditing and Construction Contractors Advanced Issues Training Manuals.
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