Top Construction Concerns Amid COVID-19

Top Construction Concerns Amid COVID-19

Reading Time: 4 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...
AGC COVID-19 Survey Uncovers Rising Project Cancellations

AGC COVID-19 Survey Uncovers Rising Project Cancellations

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....
Lease Accounting for Private Companies Delayed One Year

Lease Accounting for Private Companies Delayed One Year

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,...
Revenue Recognition: Accounting for Uninstalled Materials

Revenue Recognition: Accounting for Uninstalled Materials

Reading Time: 4 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...
Accounting for Fulfillment Costs

Accounting for Fulfillment Costs

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...
Lower of Cost or Market

Lower of Cost or Market

Reading Time: 3 minutes 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 supply chain in the energy industry. Many...