Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it advantageous to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising the corporate
New revenue recognition standards for contractors seem pretty simple until you start thinking about some of the complexities inherent in construction contracts. Let’s take a look at a couple of key concepts.
If your company needs to submit financial statements for bonding, you typically are required to submit a job schedule, which includes a list of all jobs open at the end of the reporting period, along with a list of jobs closed during the period.
Private companies that haven’t yet assessed the impact that the new revenue recognition standard will have on their accounting and financial reporting practices shouldn’t delay their analysis any longer.