- Contractors will be required to perform an assessment of the customer’s ability and intent to pay the agreed upon consideration.
- Under existing U.S. GAAP, a contractor had the ability but not the requirement to combine contracts. Under ASC 606, contracts will be required to be combined when certain criteria are met.
- Contract modifications or change orders are extremely common in the construction industry. ASC 606 requires additional judgment and documentation when determining how to properly account for a contract modification.
- President Trump released his blueprint for an overhaul to the tax system. The plan calls for major changes to the corporate tax rate and individual tax brackets.
- Baker Tilly partnered with Bisnow, a leading commercial real estate news source, to produce exclusive interviews that provide behind-the-scenes perspectives from leading real estate developers, entrepreneurs and industry giants.
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