May 20 Reminder on New Revenue Recognition for Contractors
For many financial professionals at this time of year, efforts are being made to close out the prior year’s financial results. As financial statements are issued, and tax returns filed, the focus is narrowing to the current year. This provides an opportunity to reassess where you stand on the preparedness for the current year’s accounting changes. By the end of this year, non-public companies will be required to comply with the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB) in 2014.
By now you should have assessed the requirements of the new standard and planned for the impact on your construction business. Now is the time to address the implementation of the new standard, and Sax can help your business along the way. Our Construction Practice specializes in solving accounting, tax and compliance issues for construction companies and can help with your revenue recognition implementation to:
- Ensure all affected components of your business are addressed
- Communicate with key stakeholders
- Transition financial statements and other disclosure requirements
Failure to prepare for the new standard could have serious consequences on your business, impacting financing arrangements, covenant calculations, financial performance metrics, tax planning and contractual agreements. Don’t face this transition alone – contact a Sax construction industry professional today at (973) 472-6250 or www.saxllp.com.