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3 Keys for Contractors to Navigate New Revenue Recognition Standards

Viewpoint Construction Technology

Revenue recognition standards were recently updated by the Financial Accounting Standards Board , and these updates will have an impact in the construction industry. Nonpublic entities must begin doing so in 2019. Understand the Effect on Construction Accounting. Learn how revenue recognition changes will impact your processes.

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Bidding Wars Wane as First-Time Buyers Stop Looking

Pro Builder

During the first eight months of 2021, the first-time buyer share averaged just 31% compared to 33% in 2020 and 32% in 2019 (pre-pandemic). Among buyers, 25% also waived the appraisal contract contingency, which indicates that these buyers are not obtaining mortgage financing. in 2019. . in 2020 and 5.2%

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5 Ways to Prepare for New Revenue Recognition Standards

Viewpoint Construction Technology

The new GAAP revenue recognition standards developed by the Financial Accounting Standards Board are here, and these standards are designed with complex projects in mind. When implemented properly, they offer improved cash flow and better accounting insight, which benefits contractors and customers.

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Homeownership Remains the Largest Asset for Households

Pro Builder

Homes remain the primary source of household wealth, according to the National Association of Home Builders’ 2019 Survey of Consumer Finances. with a promising increase in 2019 to 64.9%. Homeownership rates remain low, with the 2016 homeownership rate dipping to a low of 63.7%

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ESG Disclosure Simplification Act Passes Committee But Will Fail

Green Building Law Update

On September 20, 2019, the Financial Services Committee in the U.S. 4329, the ESG Disclosure Simplification Act of 2019. real estate company very publicly announced its principal ESG “environmental initiative” banning meat from its offices and expense accounts. House of Representatives passed H.R. The failure of H.R.4329,

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ReportL 2020 Sees Dip in Tall Building Completions

Construction Junkie

While 2019 broke the record for most supertall buildings , defined as 300 meters or more in height, it saw a 13.7% 2020 continued the trend of less tall buildings, with a 20% decline versus 2019, but that shouldn’t be all that surprising given the year we had last year. 133 in 2019), with 21 of those being supertall buildings.

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Buyers Turn to Cash and Higher Down Payments to Snag Homes

Pro Builder

In March, homes received an average of five offers, whereas homes only saw two offers on average in 2019 and 2020. NAR notes this widens the wealth and income divide among those who are financially wealthy and those yet to build up wealth. In the state of Utah, REALTORS® reported an average of seven offers per home sold. Read More. .