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Entries by Corey McSweeney, Ben England

Tips for Reporting Uninstalled Materials

Posted 3:45 PM by
The implementation of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), required for non-public companies for periods beginning after Dec. 15, 2018, has most likely impacted the financial statements of subcontractors or any contractor with material-intensive contracts. There are many changes from the previous standard (Topic 605), but for certain contractors, Topic 606 may require a more thorough periodic analysis of contracts for uninstalled materials.
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