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Implementing new revenue guidance for engineering and construction

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Female construction workerManagement and audit committees of engineering and construction companies face many questions as the effective date for new revenue guidance in ASC 606, Revenue from Contracts with Customers, approaches (Jan. 1, 2018, for calendar-year public companies and Jan. 1, 2019, for calendar-year private companies). These include the following:

  • What contract terms should we watch out for?
  • What will my auditor look for?
  • What questions should we ask and how do we know if we’re on track?

Grant Thornton’s bulletin serves as a progress check to help executives and audit committees in engineering and construction companies to engage with those parties involved in the implementation process, while keeping in mind that implementing the new guidance is not just an accounting exercise but a cross-functional one. Implementation requires extensive coordination of the tax, sales, IT and other functions.

Rev up for new revenue guidance by reading our bulletin