Adoption of the new revenue standard is now here for private companies. The once-in-a-lifetime change on revenue recognition is presenting unique challenges for construction firms. In this session we will review the implementation issues and challenges that construction firms will need to address, including, identifying multiple performance obligations, contract modifications (formerly known as change orders), contract costs, variable consideration (penalties and incentives), the significant amount of new disclosures, and implementation and transition guidance.. We will also discuss the construction firm specific changes such as treatment of mobilization costs, units of account, changes to job schedules, and nonmonetary consideration (such as owner provided insurance, bonding, or materials).
Tom Groskopf has trained over 100 CPA firms, throughout the country, on the new accounting standard for revenue. He serves as Technical Director for the AICPA’s Center for Plain English Accounting, a national A&A technical resource center. Tom is the assurance service line leader for Barnes Dennig. In addition, Tom is a founding member of the Private Company Council and representative from the U.S.A. on the International Financial Reporting Standards’ Small-and-Medium Sized Entity Implementation Group. Tom previously served on the advisory only FASB Private Company Financial Reporting Committee, and served a three year term on the AICPA’s Technical Issues Committee.
Dan Holthaus is a Senior Manager in the firm’s assurance practice. He has spent much of his 11 years with the firm focusing in the construction niche, working with many of our general contractors and specialty trade contractors. Dan has worked with Tom Groskopf in the firm’s Technical Leadership Development Program, spending time researching complex accounting matters. Dan also holds the Certified Construction Industry Financial Professional designation.
This event is presented free of charge by Barnes Dennig.