NASBP Comment Letter—File Reference No. 1820-100

On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association located in Washington, DC serving a membership of firms throughout the United States, Puerto Rico, Guam and elsewhere, with personnel of over 5,000 surety agents, who specialize in providing surety bonds to companies and individuals for construction and other commercial purposes, I am writing to express our comments and concerns on the FASB and IASB Exposure Draft on Revenue Recognition from Contracts with Customers. As companies and individuals involved in preparing construction firms to establish and to maintain surety credit relationships, which, among other factors, focus on the financial wherewithal of these firms, NASBP members have a keen interest in pragmatic and objective accounting rules and accurate, high-quality financial statements. NASBP welcomes and appreciates the opportunity to provide its comments and concerns, particularly in view of the challenging task undertaken by FASB to converge disparate accounting standards and practices on revenue recognition.

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