Recently, more than 150 industry executives gathered to learn about the latest trends, challenges and opportunities at the BKD Construction & Real Estate Outlook. At events in Chicago and Indianapolis, attendees listened as subject matter specialists from BKD and our peer firms shared meaningful insights on topics that surfaced through the Construction Financial Management Association (CFMA) Peer Group Program and included in the CFMA Peer Group Program: Review & Analysis of Topics & Discussions from 2016-17.
Local Industry Panels
The highlight of each session was a panel discussion featuring local industry leaders moderated by a BKD construction and real estate industry leader. Leveraging the CFMA Peer Group Program white paper published earlier this year, the panelists shared how their organizations are dealing with key topics, including technology, human resources (HR), risk management, succession planning and financial metrics and processes. While each topic was cited as an opportunity or challenge by panelists, attendees observed just how interdependent the topics are. Specifically, multiple panelists commented how their desire to capitalize on the benefits of more and newer technologies had significant effects on other areas of the business—especially HR management and financial processes.
BKD National Construction & Real Estate Group National Industry Partner Tim Wilson educated the group on revenue recognition (ASC 606). He began with an overview of the new standard and then outlined the adoption process, sharing insights, lessons learned and best practices gleaned from prior implementations. Tim wrapped up his presentation by stressing that implementing revenue recognition is a major undertaking that will require changes in many areas of the organization—and likely take more time and effort from more people than anticipated. For more information, visit BKD’s Revenue Recognition page.
Leveraging Business Partnerships
Experts from DSP Insurance Services and Travelers showed attendees how to leverage their business relationships to access the vast amounts of valuable information held by their customers, competitors and service providers. The presenters first outlined the types of knowledge that can be gleaned from each segment and how they can be incorporated to improve attendees’ view of the industry and its future trends. Then they showcased how Travelers is using data within its portfolio together with other available industry data to examine industry trends.
Legal Hot Topics
Attorneys from Laurie & Brennan (Chicago) and Frost Brown Todd (Indianapolis) shared updates on construction and real estate law. Pulling details from recent cases, they covered topics attendees are likely to encounter. Their commentary illustrated how the rapid rate of change in an already highly specialized sector places greater importance on working with trusted advisors who understand the industry.
BKD tax partners Jeff Conrad and Scott Humphrey provided a tax update, highlighting key changes to the tax law for provisions that will most affect the attendees. Sharing perspectives on additional guidance provided by the IRS and U.S. Department of the Treasury as they implement the new tax law, Scott and Jeff reminded the group that although there were a lot of celebratory headlines written when the law was signed, the government is still a long way from being able to provide final rules on all of the law’s provisions.
For more information on how tax reform may affect your business, visit BKD’s Tax Reform Resource Center.
Construction and real estate executives are under significant pressure due to the unprecedented rate of change their industries are experiencing. Attending the BKD Construction & Real Estate Outlook allows leaders to stay current on a wide array of topics, such as current trends and critical accounting, regulatory and tax changes that will have an effect on the industries.
Mark Your Calendars
The 2019 BKD Construction & Real Estate Outlook currently is being planned for late summer 2019. Don’t miss this opportunity to join your peers at this highly informative forum.
- Chicago – TBD
- Indianapolis – August 28
For more information about the BKD Construction & Real Estate Outlook, contact Jason, Joel or your trusted BKD advisor.
In memory of Joe Cathcart, CFO of F.A. Wilhelm Construction, who passed away in September. We’re grateful for the knowledge, advice and support he provided as a panelist for our symposium. His friendship will be missed.