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 FASB ASU 2016?02 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). This requirement is FASB aiming for better transparency into the financial positions of companies. Accounting & Finance. Greg Ragsdale.

Leases 178
article thumbnail

Why Your Construction Company Needs Bookkeeping

Contractor Bookkeeping

It is important to compare your results to industry standards to determine where you need to improve your contracting company business model. It’s important to know how much money your contracting company is bringing in and how and where the money is going. See more at: [link]. See more at: [link].