2019-9 Lunch and Learn: New GAAP Revenue Recognition Standards

2019-9 Lunch and Learn: New GAAP Revenue Recognition Standards

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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.
Location:
AGC Training Room
101 W 21st Street
Chattanooga, TN
Date/Time Information:
September 26, 2019
11:45 AM - 12 PM:  Lunch 
12 PM - 12:45:  Presentation
Contact Information:
Denise Fry
Fees/Admission:
Lunch is $12 for AGC Members

*If you are unable to attend an AGC of East Tennessee meeting or event for which you have registered, you may qualify for a refund of your registration fee or be able to substitute another employee within your organization. If you cancel your registration at least three (3) days prior to the event, AGC of East Tennessee will provide a full refund (unless otherwise indicated for specific events like the Annual Meeting). No refund will be provided if you do not meet this deadline, however, you may transfer your registration to another employee within your organization. A $25.00 chargeback fee will be applied for all credit card refunds.
Any questions or changes to your registration please contact our office.
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