Construction & Related Services

How New Lease Accounting Rules May Affect Contractors

Earlier this year the Financial Accounting Standards Board (FASB) issued its long-awaited revised lease accounting standard. The new standard – Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)” – could have a significant impact on many contractors that lease vehicles, equipment or buildings. FASB standards apply to all contractors...

FASB Proposes to Simplify the Classification of Debt

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...

December 2016 Construction News Brief

This month’s construction newsbrief contains information about bonding capacity and surety issues, and warning signs to watch out for when deciding whether or not to pursue a project. Below are brief introductions to both articles. You can view them in their entirety by choosing the newsbrief link. Bonding Capacity...

Jason M. DaPonte Named Partner of Sansiveri

Sansiveri, Kimball & Co, LLP (Sansiveri) is pleased to announce that Jason M. DaPonte, CPA, CCIFP, CIT, has been named a partner of the firm. Jason has over 14 years of business and public accounting experience, providing advisory and auditing services to clients in industries including construction, manufacturing, wholesale,...

Know When to Say “No”

When the pace of business is accelerating, there’s a natural tendency to go after every new opportunity. But sometimes discretion is a wiser strategy. Here are seven warning signs to watch out for when deciding whether or not to pursue a project: 1. Questionable finances — Due diligence...

Bonding Capacity and Surety Issues

Pursuing New Opportunities? Be Sure You Have Adequate Bonding Capacity With the construction industry experiencing modest growth with an optimistic outlook for the future, most contractors are eagerly seeking out new opportunities. In many cases, though, those opportunities can remain out of reach unless the contractor can increase its bonding...

September Construction Newsbrief

This month's construction newsbrief contains information about cash flow and what you should do if you receive an IRS audit notification. Below are brief introductions to both articles. You can view them in their entirety or abbreviated versions by choosing the newsbrief link As Business Picks Up, Cash Flow...