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FASB Revenue Recognition

What Contractors Need to Know 
July 30, 2010   1:00pm - 2:00pm
59m 58s - 48 Slides  
  Synced Audio / Slides

On June 24, 2010, the Financial Accounting Standards Board (FASB) issued its highly anticipated Exposure Draft, Revenue from Contracts with Customers.

The issuance of this Exposure Draft follows approximately 18 months of evaluation and input received following the issuance of the similarly titled Discussion Paper, Preliminary Views on Revenue Recognition in Contracts with Customers. Read CFMA's letter in response to the Discussion Paper, click here.

At present, construction contractors generally follow the guidance contained in ASC 605-35 (formerly known as SOP 81-1); however, if the provisions of this Exposure Draft are adopted, these changes could have a significant and undesirable impact on the financial statements of contractors.

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