FASB Extends Effective Date of Revenue Recognition and Leases Standards for Certain Entities

The Financial Accounting Standards Board (FASB) voted Wednesday, May 20, 2020, to give private companies and nonprofit organizations that have not yet issued their financial statements an extra year to comply with the revenue recognition and leases standards. Why did FASB extend the effective date? The deferred implementation was based on feedback the FASB received[ … ]

Eight Red Flags Contractors Need to Watch Out For

8 red flags to watch out for in your financial statements Financial statements show not only where a construction company stands financially, but also where it may be headed. Contractors who work with their financial advisors to analyze their statements can often catch problems early on — before they turn into bigger issues. Here are[ … ]