ASC 606 Construction | ASC 606 Compliant Contracts

Revenue Recognition: Internal Process for Drafting ASC 606-Compliant Construction Contracts

Creating guidelines for drafting compliant contracts, including contracts with variable consideration, is critical for construction companies.

These guidelines should be developed with input from every department involved in the process, including accounting, finance, pre-construction, project management, IT and HR. The team should work together to create decision trees/checklists that ensure all contracts comply with ASC 606.

To help you stay in compliance with revenue recognition standards, save this Construction Issue Sheet.

Author:

Mark Barnett, Jr.:

How I help . . . I help my clients achieve their business goals by being their trusted advisor and applying a holistic approach to advisory services that include profit maximization, tax strategies/minimization, cash flow management, capital structure, bonding capacity and ultimately wealth accumulation and exit/succession planning.