Updates on Revenue Recognition & Lease Accounting for Construction Companies
Knowing when to adopt and how to apply the new Revenue Recognition and Lease Accounting standards can be a confusing and daunting task for many construction companies. Preparing for this process can take time and effort.
The Journal of Accountancy has recently published an excellent article, “Revenue, lease accounting still challenge private companies,” that describes the implementation dates and further explains these standards.
Another article, “Lease accounting: Private companies on the clock after delay,” dives deeper into the details of the lease accounting standard.
Companies should reach out to their CPA with any questions they have regarding how these standards affect their company’s financial statements.