2019-9 Lunch and Learn: New GAAP Revenue Recognition Standards
2019-9 Lunch and Learn: New GAAP Revenue Recognition Standards
Name:
2019-9 Lunch and Learn: New GAAP Revenue Recognition Standards
Date:
September 26, 2019
Time:
11:45 AM - 1:00 PM EDT
Registration:
Register Now
Event Description:
A new GAAP accounting standard is effective for 2019 related to Revenue from contracts with customers. This will significantly change the process of how companies will recognize revenue from customers. This could impact the timing of when contractors recognize revenue for financial statement purposes, and potentially at different amounts than would have been recognized under the previous rules. There are likely to be changes needed in the following areas for contractors in implementing the new standard: accounting processes and internal controls, customer contract review, cross-functional coordination between project managers and accounting departments, and capturing relevant information needed for expanded financial statement footnote disclosures. Implementation of this new revenue recognition standard will require substantial investment of time and resources. We will discuss the effects of this new standard as it specifically relates to contractors and what companies need to be doing to insure they are in compliance.
Also covered will be some new tax law changes that can provide benefits to contractors, most specifically expansion of availability of use of the completed contract method for tax purposes which will allow more contractors to defer recognizing income for tax purposes.
Also covered will be some new tax law changes that can provide benefits to contractors, most specifically expansion of availability of use of the completed contract method for tax purposes which will allow more contractors to defer recognizing income for tax purposes.