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Revenue recognition – Proposed changes mean big impact on contractors
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 1173
Abstract: The Financial Accounting Standards Board and the International Accounting Standards Board are proposing a new revenue recognition standard that would have significant implications for construction firms. This article looks at how revenue recognition works now and how it could look in the future. A sidebar reveals that the Small Business Jobs Act, passed in September, includes a tax provision extending 50% bonus depreciation to 2010, and shows how it affects calendar-year taxpayers using the percentage-of-completion method of accounting.