With the transition date around the corner, we will bring you up to speed on the new standards with a focus on key implementation issues that will impact most contractors. Topics will include:
- Impact to percentage-of-completion as we know it
- Treatment of upfront job costs that may need to be capitalized
- Impacts to accounting for change orders and estimating variable consideration
- Changes to accounting for uninstalled materials
- Expensing of wasted materials or labor
- New requirements for footnote disclosures to financial statements
Jack A. Callahan, CPA, is a partner with CohnReznick and serves as the Firm's Construction Industry Leader. In this role, Jack is responsible for developing a team of accounting, tax, and consulting professionals dedicated to, and experienced in, servicing contractors. Over his more than 30 years in practice, Jack’s deep knowledge and experience in construction accounting, corporate taxation, and business consulting matters have earned him a highly regarded reputation within the construction community.
Jason D. Patras, CPA, is a senior manager at CohnReznick with over 15 years of public accounting experience. He is a member of the Firm’s Construction Industry Practice, which has fostered his specialization in performing financial statement audit and review services for construction companies. Additionally, Jason serves as a member of the Firm’s Employee Benefit Plan Practice, where he audits defined contribution and defined benefit plans for many of his clients.