Construction Executive published an article by New England Construction Leader Robert Mercado and Supervisor Michelle Johnson about applying the new lease standard.
It behooves contractors to take advantage of the extension before ASU 842 takes effect, to thoroughly research the new lease accounting standard. Being prepared for the potential impact of ASU 842 on contractors’ financial statements will help mitigate the effect on the ratios used by management and outside parties to make decisions and, potentially, on the extension of credit.
Marcum Construction Group
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. The group’s professionals, among the country’s foremost experts in construction accounting, are frequent industry authors and speakers and serve as technical reviewers for the AICPA’s construction audit and taxation guides. Marcum’s construction group also 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 JOLTS Analysis of construction employment trends – and presents an ongoing series of industry summits and technical webinars focused on the unique needs of construction contractors.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.