Save the date and join us on November 30th for the New Revenue Recognition – The Future is Now seminar.
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Our series of Construction and Real Estate Trends newsletters aim to deliver useful and timely business advice to our clients and friends. The following discuss the current economic situation in the industry.

New Revenue Recognition – The Future is Now

Save the date and join us on November 30th as we discuss the following topics:

  • Tactical steps to prepare for and implement the new recognition standard
  • How to minimize the disruption of implementing the new revenue recognition standard
  • Key impacts of the new revenue recognition standard on construction companies

The seminar will take place at GBQ's Columbus office
from 7:30 - 10:00 AM. Invitation and details to follow.

What's it Cost?

While the conversation surrounding inflation has shifted to signs of lower inflation in general – or disinflation – pricing for construction has accelerated rather than slowed. The July inflation report by the Bureau of Labor Statistics (BLS) showed inflation in the construction industry has decoupled from that of the general economy.

Construction National Outlook

Two events may hold the key to how smoothly the U.S. economy performs into 2018. The impact of the devastating Hurricane Harvey, which hit Houston starting August 25, will last years and is going to be difficult to judge for months. The second looming event, which may end up related to the hurricane relief funding, is the potential battle over the U.S. debt ceiling.

Financial Perspective

For more than two decades, energy modeling, often as part of new construction energy design assistance programs offered by utilities around the country, has been used to assist architects and engineers during design. Recently, a team at The Weidt Group analyzed the design models of past projects in comparison to actual building performance to verify that savings predicted through utility programs are being realized.

Construction Industry Advisor

Many privately held construction companies prepare audited financial statements that comply with Generally Accepted Accounting Principles (GAAP) as established by the Financial Accounting Standards Board (FASB). Recognizing this, the FASB’s parent organization, the Financial Accounting Foundation, established the Private Company Council (PCC) in 2012.

The PCC’s mission is to recommend exceptions or modifications to GAAP that respond to the needs of private companies. So far, the PCC has recommended four FASB accepted accounting alternatives that private construction businesses may use to ease the burden of complying with GAAP. Let’s take a look at each one.

As a top 200 tax, accounting and consulting firm, GBQ has over 175 associates working in six offices and five states. While our size permits us to serve even the most complex organizations, our independence allows us to keep all decision-making authority in one place.

Learn more about our Construction and Real Estate service groups by clicking the links provided.

To view past issues of Construction & Real Estate Trends, click here

Bob Biehl, CPA, CCIFP
Assurance Director
bbiehl@gbq.com

Scott Bechtel, CPA
Tax Director
sbechtel@gbq.com

Kaz Unalan, CPA, CEPA
Tax Director
kunalan@gbq.com

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