Session Information
Proposed New Accounting Rules May Affect Construction Contractors-Big and Small: What You Need to Know
Session Type: Technical Workshop
Location: San Diego Convention Center
Room: 1
Speaker: Steven D. Lords, CCIFP, Martin-Harris Construction, for CFMA
Date: Monday, October 24, 2011
Time: 3:00 PM
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3:50 PM
Description:
A proposed new rule by the Federal Accounting Standards Board (FASB) aimed at aligning financial reporting by construction firms of all sizes, with other industries could bring sweeping changes to long-held, generally accepted industry accounting principles. Some warn the new rule on revenue recognition could significantly raise administrative costs, open the door to financial manipulation and dampen surety credit. The Construction Financial Management Association (CFMA) has been working closely with FASB on achieving the right balance of diligent financial reporting without unduly burdening contractors. No timetable for release of the rule has been finalized but there is a good chance that these changes will be announced before the NECA Convention, which will make this session even timelier.
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