Reading Time: 3 minutes The full magnitude of disruption from COVID-19 is still unknown to many industries including the construction industry which, like many other industries, will continue to feel the effects for many years to come. Currently, as the Construction...
Reading Time: 3 minutes The arrival of COVID-19 created new and unanticipated circumstances for individuals and businesses. The announcement of stay at home orders and forced business closures led to changes that have had a devastating impact on the Texas economy....
Reading Time: 3 minutes Are you a private company and have not issued your 2019 audited financial statements yet? Maybe the business interruption of the COVID-19 pandemic put your resources elsewhere or maybe the decrease in commodity prices had you putting off your...
Reading Time: 5 minutes Navigating a major disruption This guide will help construction contractors navigate through six key areas of business during a major disruption (like the current global health pandemic) to mitigate risks and strengthen finances and operations....
Reading Time: 2 minutes The Financial Accounting Standards Board (“FASB”) members voted unanimously to propose moving back the effective date for lease accounting and two other major new accounting standards until January 1, 2021. The FASB is the independent,...
Reading Time: 3 minutes One of the significant changes required by the new accounting guidance under ASU 2014 09, Revenue from Contracts with Customers (Topic 606) relates to accounting for uninstalled materials. Under the previous accounting practice, the cost of...
Reading Time: 3 minutes The new revenue recognition standard (ASC 606) which significantly changes the revenue recognition model for contractors is here, and many firms have yet to evaluate the impact the new rules will potentially have on their company’s financial...
Reading Time: 6 minutes The current FASB accounting standards codification associated with Business Combinations (Topic 805) defines a business as, “an integrated set of activities and assets that is capable of being conducted and managed for the purpose of...
Reading Time: 3 minutes What the new lease accounting rules mean for your company The new rules will affect your organization if you lease anything from copiers to office space. The new rules provide guidelines on lease accounting that represents the most significant...
Reading Time: 3 minutes Valuing inventory with lower of cost or market Lower of cost or market is the approach to valuing inventory. Recent events, particularly in the energy industry are causing economic uncertainty. This economic uncertainty is affecting the entire...
