Nov 14 FASB/IASB Re-exposes Revenue Recognition Proposal -- Comments are due March 13, 2012
These are the comments that NASBP sent to FASB on October 13, 2010 with regard to the Exposure Draft on Revenue Recognition from Contracts with Customers. This issue is particularly of concern to the surety industry, since the Financial Accounting Standards Board (FASB) isssued its Exposure Draft, Revenue from Contracts with Customers in June 2010
NASBPLetter_FileRef1820-1001.pdf
Baldwin, CPA, CCIFP, has described CICPAC's “Revenue Recognition Implementation Guide -- Guidance for CPAs and Construction Companies, " for NASBP and its membership
It grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and lease accounting standards
In October 2010, NASBP submitted comments on the initial FASB/IASB Exposure Draft on Revenue Recognition that was released in June 2010
Sustainability and Green Building Laws Articles and position statements concerning sustainability and the DC Green Building Act of 2006. FASB IASB Revenue Recognition Comments submitted on the FASB revised proposal for the revenue recognition standard
Here are a handful of key construction deal issues that you should consider when evaluating an opportunity in these segments – Revenue Recognition GAAP requires revenue associated with long-term contracts to be recognized as performance obligations are met. Many construction companies use the percentage-of-completion method, which bases revenue recognition on management estimates
The primary issue a construction-oriented CPA can address to help contractors is accuracy, which includes the use of the proper revenue-recognition method, the appropriate representation of underbillings and overbillings, and a conservative approach to revenue recognition on claims, says Alvarez, who serves on the NASBP CPA Advisory Council
The recruitment efforts of NASBP members are incomparable and deserve recognition and reward. The NASBP Membership Committee has launched the Member Recruitment Recognition Program (MRRP) to acknowledge members for their recruitment efforts. With this new program, recruiters will receive special recognition at NASBP Annual Meetings and will be recognized on the NASBP website and elsewhere as the program develops