Revenue Recognition Resource Library

The release of FASB ASC 606, Revenue from Contractors with Customers, and the five-step revenue recognition model changed the way contractors recognize revenue under GAAP. Construction contractors are very familiar with contracts, however, the new revenue recognition standard will require management to make additional judgments regarding when to recognize revenue associated with contracts. The information below tackles the issues that are most pressing to construction companies as they begin to understand the implications of the new standards.

Articles:

• 10 Revenue Recognition Considerations for Construction Contractors
• 3 Tax Implications of the New Revenue Recognition Standards for Construction Contractors
• Revenue Recognition Implementation Plan and Other Helpful Tools
• 2 Options to Transition Your Company to the New Revenue Recognition Standard

Construction Contractor Workshop:

Kreischer Miller has also partnered with CICPAC to create these propriety whitepapers that go into more detail. Access these materials by filling out the form below.

Implementation Guide

Contract Abstract Analysis Tool

Overview: Terminology & Concepts

Combining Contracts: Specific Guidelines & Examples

Practical Aspects of Uninstalled Materials

Financial Statements, Schedules, and Disclosures

Using the Modified Retrospective Transition Method

Retention Receivable Guidance