article thumbnail

Updating the Rules of Revenue Recognition

Construction Business Owner

After years of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued ASU 2014-09, the Revised Revenue Recognition Model.

IASB 168
article thumbnail

5 Steps to Remain Successful & Compliant in 2017

Construction Business Owner

After years of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued ASU 2014-09, the Revised Revenue Recognition Model.

IASB 159
professionals

Sign Up for our Newsletter

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

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. Greg Ragsdale. Wed, 06/01/2022 - 12:48.

Leases 177
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].