Revenue recognition is a common topic at industry events and in various accounting resources—and it’s not something to delay preparing for. For many in the construction industry, implementing ASC 606 seems like a daunting task with a lot of uncertainty and lack of clarity. Check out this helpful resource that can serve as a guide to walk you through the process. Here’s an excerpt from the article:

“December 31, 2019, is fast approaching. For those who have been working through the various issues related to the application and adoption of ASU 2014-09, Revenue from Contracts with Customers, congratulations on your efforts. If you do not feel as far along in the process as you would like to be with year-end quickly approaching, read on for an overview of best practices for implementation.”

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BKD is a Principal Partner of the Construction Financial Management Association (CFMA). This resource first appeared in CFMA Building Profits and was posted on bkd.com with permission. BKD Trusted Advisors^™ are regular contributors to this publication.