Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, significantly impacts business operations for construction companies.
The standard necessitates that your organization evaluate contracts in a new way, requiring changes to accounting systems and process and related internal controls. It may cause your organization to consider changes to the way in which you draft your contracts, as well as evaluate compensation programs and lending agreements.
The new standard will require that you collect and evaluate all your customer contracts and document your decision making process for the accounting of revenue from those contracts. Though the effective date for compliance may seem distant, business systems, processes and controls should be implemented on Jan. 1, 2018 to provide the necessary information for reporting and disclosure for private companies.
While the issues associated with the assessment and implementation of the standard will vary for every company, Baker Tilly has developed a six-step methodology to help you through the complex process of assessing impact, developing a plan, and implementing that plan across your organization.
Attend this webinar to learn the steps Baker Tilly believes a construction company should take to achieve compliance and how timely adoption will benefit a contractor.
- Understand the standard’s impact on business operations
- Learn methodology to navigate assessment and implementation
- Understand next steps of transition
Information about CPE eligibility
There are no prerequisites for this webinar, and advance preparation is not required. There is no cost to attend this webinar.
CPE credit: one (1) hour total credit
Field of study: Auditing and Accounting (GAS80)
CPE host: Helen Bradley, firstname.lastname@example.org
Please indicate on the registration form if you would like to receive eligible CPE credit for this webinar event. A certificate of completion will be e-mailed to you four to six weeks after the event.
For more information regarding administrative policies such as complaint and refund, please contact our offices at 608 240 2522.
Baker Tilly Virchow Krause, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.