- In this series of insights, we illustrate the critical new concepts of each element of the revenue recognition standard with construction industry-specific scenarios so you can begin to assess the impact it will have on your business.
- Contractors will need to provide qualitative and quantitative information regarding its contracts with customers, the estimates and judgments the contractor used to measure its revenue, and the nature of any assets recognized related to the costs of obtaining the contracts.
- Construction contractors should be aware of a number of other unique accounting and reporting items that may or may not differ from existing guidance under U.S. GAAP.
- Law and policymakers are debating changes to the U.S. tax code, which could usher in a border-adjusted tax (BAT). In a changing environment the first manufacturers to adapt will be the winners.
- While the recently passed Multistate Tax Compact amendment made changes to the definition of apportionable income and receipts (sales) and removed the recommendation for use of three-factor apportionment, a noteworthy change for professional service firms is the modification to the regulations adopting “market-based sourcing” of receipts.