Revenue Recognition for Construction, Engineering, and Professional Services
With current and upcoming changes to how you report revenue, it may be possible for the construction, engineering, and professional service industries to more accurately report revenue, instead of the subjective ‘progress on the job’ method.
For example – even if your firm is 10% complete with the cost, it might not reflect the actual appropriate revenues.
Recent changes by the Financial Accounting Standards Board (FASB) / International Accounting Standards Board (IASB), to the U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) in 2017 and 2018 will shape how these three industries report their revenues. These changes require organizations to re-evaluate how contracts for services are negotiated with customers.
If your firm is not yet prepared for these upcoming changes, you are not alone. The new standards impact a wide swath of businesses, both nation-wide and globally. Tax implications that accompany the new requirements, make it critical for your firm’s financial health that you are up to date and ready.
When it comes to making the necessary changes, Palazzo, Inc consultants are available to assist with process design and implementation.
The Revenue Recognition Resource for Your Business
Consultants at Palazzo, Inc are ready to help you stay in compliance with the current and upcoming changes to the revenue recognition standards.
We have assisted construction and professional service firms understand and comply with existing revenue recognition standards for 20 plus years by providing powerful software solutions.
Here is how Palazzo, Inc can help your business transition and meet the current and upcoming requirements in revenue recognition:
- Document current and existing revenue streams.
- Document updates to the revenue recognition standards, and develop an action plan for coming into compliance with these updates.
- Provide overall systems support for processes, controls and overall business impacts.
Ease the transition to Stay in Compliance
Change can be stressful, but it doesn’t have to be. Palazzo, Inc is the resource you need, to keep up to date with the recent and upcoming changes to revenue recognition.
Our consultants can help you learn about, and understand the updates to the revenue recognition standards. By completing / submitting our contact form, you can schedule an appointment for a discovery consultation to ensure that your firm is headed in the right direction.
Apply today to see if you qualify for our 15-minute, no-obligation phone call to determine the next steps for compliance for your firm.