By the end of 2019, all companies that have financial statements prepared with GAAP principles will need to be ready to comply with the new Revenue Recognition standard. Given that these changes will have varied effects within the construction industry, Grassi has partnered with CICPAC to provide the following resources to help companies experience a smooth and effective transition:
- Revenue Recognition Implementation Guide – This step-by-step resource will help you navigate the new procedures for identifying contracts, assessing performance obligations, accounting for uninstalled materials, choosing the right method for revenue recognition and more.
- Revenue Recognition Terminology Sheet – Designed to be used in conjunction with the Implementation Guide, this document provides an overview of the key terms and concepts in the new standard.
- Practical Aspects of Uninstalled Materials – Stephen Mannhaupt, Assurance & Attest Services Leader, contributed to this white paper that examines more closely how a contractor will account for purchased materials under the new standard.
- Revenue Recognition Combining Contracts – This document provides specific guidelines and examples on how to combines contracts.
In you have any questions about the new Revenue Recognition standard or encounter any challenges during this transition, contact your Grassi Construction advisor or Carl Oliveri, Construction Practice Leader.
Categories: Accounting Services