E&C Video Webcast Series--Part V: New Revenue Recognition Guidance and Potential Implications
December 12, 2011 |
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E&C Video Webcast Series--Part V: New Revenue Recognition Guidance and Potential Implications
PwC's Engineering & Construction practice will hold a webcast on December 12, 2011, from 3:30 PM to 5:00 PM ET to discuss the FASB/IASB's Exposure Draft, Revenue from Contracts with Customers, and its impact on the industry. Once the new revenue recognition standard becomes effective, SOP 81-1 and IAS 11 and substantially all existing revenue recognition guidance under U.S. GAAP and IFRS will be replaced. This includes the percentage-of-completion method and the related construction cost accounting guidance as a standalone model. These changes may also have significant implications to functions far beyond finance, including contract negotiations, key metrics (including debt covenants, surety and prequalification capacity calculations), budgeting, controls and processes, income tax accounting and information technology requirements.
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