A proposed new Financial Accounting Standards Board (FASB) revenue recognition accounting standard will have significant impact on the preparation of contractor financial statements. Under the proposed rule, revenue recognition will follow a performance obligation model, rather than a percentage of completion model.

To help NASBSP members, affiliates and associate understand this proposal, NASBP will present a complimentary Virtual Seminar on September 10 at 2 p.m. EDT, titled “Proposed FASB Revenue Recognition Rules—What Surety Professionals and their Contractor Clients Need to Know.”

This seminar will address how this proposal will impact construction contractors and the users of their financial statements. This seminar is free of charge to NASBP members, affiliates and associates and will be moderated by Patrick Pribyl, Sr. Vice President of Lockton Companies in Kansas City, Missouri with Jerry Henderson of BKD leading the presentation and a report from Darrin Weber, President of IMA of Texas, Inc., on a joint industry task force effort to provide comments to FASB.

Jerry Henderson leads BKD’s Construction & Real Estate Group and is responsible for facilitating its growth through service innovation and the advancement of technical expertise among client service personnel. He provides technical input on matters unique to the construction and real estate industry and coordinates BKD’s consulting services to contractors and real estate developers.

Mr. Henderson writes for national trade journals, such as the Construction Financial Management Association’s Building Profits magazine and speaks at regional and national conferences. He is the professional co-chair of the emerging issues committee of the Construction Financial Management Association and is a member of Associated General Contractors of America’s National Tax & Fiscal Affairs Committee.

Be sure to register for: “Proposed FASB Revenue Recognition Rules-What Surety Professionals and their Contractor Clients Need to Know.”

Later in September, NASBP will present a Virtual Seminar on how surety professionals can better understand and analyze their client’s financial statements. NASBP will present a Virtual Seminar on September 14 at 2 p.m. EDT, titled “Financial Reporting: Helping Your Clients Put Their Best Foot Forward.”

Emilio F. Alvarez, founder of the E.F. Alvarez & Company, will address financial disclosures beyond the professional requirements, advice to give clients with regard to improving working capital, and revenue recognition for change orders and claims. He will also address proper treatment of indirect costs and equipment cost allocations, underwriting a client’s CPA, profit fades, underbilling, and overbilling. Overall, the seminar will emphasize the importance of a timely, accurate, and complete financial statement in representing a clear picture of a contractor’s business to potential creditors, sureties and others they do business with.

Emilio F. Alvarez founded E.F. Alvarez & Company in 1974, an accounting and consulting firm concentrating exclusively on construction clients and now a leader in the construction accounting industry in South Florida. He provides construction contractor clients a wide range of tax services, financial reporting, and business counseling and is a reliable and trusted advisor to many contractors in every branch of the industry and to surety companies.

Alvarez is a member of CICPAC (Construction Industry CPAs Consultant Association), CFMA (Construction Financial Management Association), The Associated General Contractors of America (AGC), American Institute of CPAs (AICPA), and Florida Institute of CPAs (FICPA). He serves on numerous association committees and is a frequent presenter and author. He is an adjunct professor of Construction Accounting at Florida International University in the School of Construction Management

Click here to register.

For questions or suggestions about NASBP Virtual Seminars, contact Cathrine Nelson at cnelson@nasbp.org or 202-686-3700.

Audio Recordings of NASBP Virtual Seminars

The following NASBP Virtual Seminars recently became available as an audio recording:

On July 13, Ed Rubacha and Michael Williams presented the seminar, titled “Bonding Reservation Projects and Tribal and Indian-Owned Construction Firms.” Rubacha and Williams discussed the unique challenges associated with bonding projects on reservations and bonding reservation entities.

“Getting Ahead of the Wave of Claims: Understanding Dispute Resolution Options,” was the July 27 seminar offered in collaboration with the American Arbitration Association. Deborah Griffin and Bruce Shreves discussed how mediation and arbitration provisions, common in most construction industry contract documents, can be used to help resolve disputes on a project.

The following NASBP Virtual Seminars will soon be available as an audio recording:

On August 17, Richard Lowe presented, “Onerous Contract Terms: Damages, Performance Guarantees, Default Triggers, and Other Contract Nasties.” Lowe explained critical terms that can make or break a construction contract. He also explained how surety professionals could save their construction clients and the surety from assuming unfair liabilities if these terms are included in the contract.

Today, Corban Enns and Martha Perkins will present a seminar, titled “Broker Bonds: Legal Changes and Business Implications for Producers.” This presentation will focus on Mortgage License and Permit Bonds in relation to the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008 and the changes triggered in various state mortgage bond statues by the Act.

For more information about these virtual seminars and to order the recordings, click here.