The New Standard For Recognizing Revenue from Contracts Seminar
On May 28, 2014, the FASB and IASB issued their long-awaited converged standard on revenue recognition. There are significant changes coming for certain industries, including construction. Some of the areas that could create challenges for the industry and your company as you transition to the new standard include performance obligations, contract modifications, determination and allocation of transaction price, stand-alone selling price, contract costs, and disclosures. The new guidance on revenue recognition affects any reporting organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards.
On Thursday, October 1, 2015, we hosted a complimentary seminar to discuss how the new revenue recognition standards will impact the Construction industry. During this seminar, our experts explained the 5 core principles that will help companies stay in compliance with these standards.
This seminar was sponsored by the Construction Exchange of Buffalo & WNY, Inc.