Resource
The ASC 606 transition for construction contractors
June 14, 2019
All companies must go through the process of applying the new standard and documenting their decision making process as well as adding significant disclosures for those decisions to their financial statements.
In this series of insights, we illustrate the critical new concepts of each element of the standard with construction industry-specific scenarios so you can begin to assess the impact it will have on your business. Though the effective date for compliance may seem distant, business systems, processes and controls should be implemented on Jan. 1, 2018 to provide the necessary information for reporting and disclosure for private companies.
Download this collection of insights as a supplement to our ASC 606 e-book
The ASC 606 transition for construction contractors:
Step 1 – Identifying the contract
Collectability
Combining contracts
Contract modifications
Step 2 – Identifying the performance obligations
Promises in contracts with customers
Principal versus agent considerations