Revenue Recognition (ASC 606): Where do you stand? The model for revenue recognition in construction is changing with the Financial Accounting Standards Board’s (FASB) May 28, 2014, release of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is now effective for private companies as of the January 1, 2019. Since 2008, FASB and the International Accounting Standards Board (IASB) have been working jointly on developing a single principles-based model for recognizing revenue, with a goal of improving consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures. This session will provide participants with a brief overview of the new revenue recognition standard, the impact the new standard will have on construction companies and insight on issues to consider as part of the implementation process.
San Francisco Chapter