Learn more about the case Connelly v. United States. ...
This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.
With the forthcoming changes to the revenue recognition standard as part of Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts with Customers, contractors need to be mindful of the additional disclosures that will be required as part of this change. The AICPA’s Engineering & Construction Contractors Revenue Recognition Task Force is currently working to provide additional guidance to all contractors about the many aspects of the new standard, including the disclosure requirements.
Some of the key items that all entities will need to disclose include:
These disclosures are expected to be significant for all entities and will require a significant amount of additional detail to be captured and analyzed to comply with these disclosure requirements. Entities should begin to plan now on how they will be able to comply with these additional disclosure requirements and what enhancements need to be made to existing systems or what data fields should be added to capture this data.
As always, we invite you to contact your Schneider Downs representative if you’d like advice or guidance navigating the new standard. We’re happy to help. For additional information, visit the Our Thoughts On... blog.
Learn more about the case Connelly v. United States. ...
Learn more about the case Connelly v. United States. ...
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
Ask us
[email protected]
p:412.261.3644
f:412.261.4876
[email protected]
p:614.621.4060
f:614.621.4062
[email protected]
p:571.380.9003