Remove Accounting Remove Contractors Remove Finance Remove Legal
article thumbnail

The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. It is time for contractors to get serious about the FASB ASU 2016?02 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). Determine how to account for each lease.

Leases 177
article thumbnail

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. To help contractors prepare, Viewpoint recently hosted a webinar on how contractors can get ready for the new standards. So where should contractors start?

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Ways to Prepare for New Revenue Recognition Standards

Viewpoint Construction Technology

Contractors today deal with challenging projects, often with multiple performance obligations. 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. Here are some of the important steps: . Identify the Contract.

article thumbnail

Virtue signallers beware

Construction Law

ICE’s report says accurate emissions reporting must become integral in the design of major infrastructure if private finance is to help fund green projects. It also says that strict benchmarks and assessment criteria will soon require civil engineers to account for the carbon output and sustainability of the infrastructure they design.

Claims 52
article thumbnail

Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. Accounting & Finance. » Contractors Seeking Credit Should Prepare to be Prepared. Mountjoy, Chilton, Medley LLP is a CPA firm with a team of accountants dedicated to construction accounting. STRATEGY |. MANAGEMENT |. SOFTWARE |. MARKETING |. INSURANCE |. EQUIPMENT |. General Management.

Banking 120
article thumbnail

Construction Business Owner Blogs

Construction Business Owner

ACCOUNTING |. Accounting & Finance. « Considering New Accounting Software? A lot of contractors have asked me about Section 179. Most of these contractors are considering an investment in equipment or software, and they want to know if it can actually help their construction business. Tags accounting.

article thumbnail

Common Types of Construction Contracts And Their Use

cnstrctr

It is a legally binding document that the groups agree to at the start of a project and are held accountable to throughout. As not every project is the same, there are various types of contracts between the owner and contractor which depending upon which is chosen can change your responsibilities drastically.