Register to attend our Boca Raton or Miami seminar, part of the “Two-Step Seminar Series: Be Ready – New Financial Statement Compliance for Year End 2019″ presentations by Shavell & Company, P.A.:
Ready and Done Right: How to Implement the
New Financial Statement Reporting Standards for Contractors
Understanding the new standard’s requirements is one thing, implementing change is the real challenge.
For those contractors who supply Reviewed or Audited financial statements (prepared under GAAP) to their outside users, you must have adequate documentation, internal controls, and a full understanding of the new standard’s impact on your operations. When your outside CPAs and auditors arrive, you need to ensure you have adequate documentation reflective of the multitude of decisions considered and made as a result of the new standard.
A straight forward fact: You need to be ready for your outside CPAs and auditors to scrutinize your documentation.
Here are a few of the types of changes you need to know about to ensure your business is properly reporting under the new Revenue Reporting rules:
- Unpriced change orders (“unapproved contract modifications” under the new standard), which now under certain circumstances you may recognize gross profit before a change order is even signed.
- Whether “performance obligations” (part of the new terminology) are required to be separated as part of a contract – rather than reporting under one contract, segmentation and reporting for each performance obligation may be required.
- There are new methods for evaluating contract price and contract costs “as you go”. And while the “old method” (the percentage-of-completion method) is technically eliminated, much of the old methodology for measuring progress – with modifications – can still be used.
- Footnote disclosures are changing and expanding.
- For 2019, a decision is needed as to how to transition to the new methodology: full retrospective approach or modified retrospective approach.
This all-day seminar as a follow-up to our Step 1 Overview will explain the details of the new reporting requirements for contractors and subcontractors and provide the tools and guidance to report under the new standard to meet the 2019 year-end requirements. This “How To” seminar may be critical to your financial success in 2019 and beyond.
Wednesday, July 31, 2019 • $1,950.00 per person
Palm Beach County: Farmer’s Table Restaurant, 1901 N. Military Trail, Boca Raton, FL 33431
Registration & Breakfast: 8:00am – 8:30am
Part 1: 8:30am – Noon
Lunch is Provided: Noon – 1:00pm
Part 2: 1:00pm – 4:30pm
Registration Deadline: July 26, 2019
* All Fields Required.
For more information: Click Here