On July 27, 2011 the Financial Accounting Standards Board (FASB) approved the revised accounting standard for Multi-Employer Pension Plans. This standard was originally released for public comment in September 2010 and was met with some criticism from the construction industry, so much criticism in fact that the Construction Industry FASB Coalition (The Coalition) was formed. The Coalition, led by several industry trade associations (as reported in our July 8, 2011 blog article), took on the FASB in an effort to remove several provisions of the standard. The most notable stance was against the proposed standard’s requirement to disclose a withdrawal liability to plans that a company participates in. The Coalition was successful in its negotiations as seen in the news release from the FASB regarding this accounting standard. Continue reading »
There are multiple business developments and issues facing construction contractors in 2011, and amongst the most notable is how the industry will adapt to potential revenue recognition changes currently proposed by the FASB. The FASB and the IASB are currently “re-exposing” their joint proposal for comment as released by the FASB on June 15. You can learn more about the this release by visiting the FASB website and/or reviewing the revenue recognition exposure draft issued a year ago.