Construction accounting today – FASB addresses contract revenue recognition
Abstract: This article discusses recent guidance issued by the Financial Accounting Standards Board. The guidance seeks to help businesses, including construction companies, comply with the latest version of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). A sidebar notifies readers of an extended effective date for ASU No. 2016-02, Leases (Topic 842).