Business

Topic 606: A Retrospective Review of Revenue From Contracts With Customers

The most significant impact of Topic 606 on construction contractors’ financial statements relates to the presentation of contract assets and contract liabilities, and the disclosures associated with Topic 606. The recording of what is known as “the cost to fulfill a contract” is another area that has been affected.
By Robert Mercado and Christopher Sisk
August 13, 2020
Topics
Business
by Robert Mercado

Robert Mercado, CPA, CCIFP, is based in Marcum’s New Haven, Conn. Office, where he specializes in conducting, reviewing and analyzing financial information for construction contractors, manufacturers and service corporations. Marcum LLP’s Construction Services group provides audit, consulting, and taxation services to clients ranging from start-ups to multi-billion-dollar enterprises. Marcum LLP's Construction Services group provides audit, consulting, and taxation services to clients ranging from start-ups to multi-billion-dollar enterprises and publishes the annual Marcum National Construction Survey, the quarterly Marcum Commercial Construction Index, the Marcum PAS Contractor Compensation Quarterly, and the annual Marcum JOLT Survey Analysis of construction employment trends--and presents an ongoing series of industry summits and technical webinars focused on the unique needs of construction contractors.

 

by Christopher Sisk

Christopher Sisk, CPA, is an Assurance Services senior manager in Marcum LLP’s Nashville, Tennessee, office. His clients include construction companies, manufacturers, and employee benefit plans. Sisk works closely with contractors engaged in grading, utility, highway, bridge construction, electrical and railroad construction. One of the leading construction accounting firms in the U.S., Marcum LLP's Construction Services group provides audit, consulting, and taxation services to clients ranging from start-ups to multi-billion-dollar enterprises. Marcum’s construction group  publishes several definitive industry resources, including the annual Marcum National Construction Survey, the quarterly Marcum Commercial Construction Index, the Marcum PAS Contractor Compensation Quarterly, and the annual Marcum JOLT Survey Analysis of construction employment trends--and presents an ongoing series of industry summits and technical webinars focused on the unique needs of construction contractors.

Related stories

Business
Top Three Impacts on Your Project's Critical-Path Method Scheduling  Cover Art

Top Three Impacts on Your Project's Critical-Path Method Scheduling

By Michael Pink
Getting your priorities straight is wise advice to follow, especially when working under the constraints of a construction project schedule and budget.
Business
Construction Backlog Indicator Holds Steady in November, Contractor Confidence Surges Cover Art

Construction Backlog Indicator Holds Steady in November, Contractor Confidence Surges

By ABC
Contractor confidence remains on an uptick as the construction backlog indicator remains consistent.
Business
Recession No More: 2025 Construction Economic Forecast Yields Positive Outlook Cover Art

Recession No More: 2025 Construction Economic Forecast Yields Positive Outlook

By Grace Calengor
No recession in 2025? Anirban Basu seems optimistic about the state of the construction economy at year's end.

Follow us




Subscribe to Our Newsletter

Stay in the know with the latest industry news, technology and our weekly features. Get early access to any CE events and webinars.