As you look ahead to 2020, it’s important to continue evaluating and monitoring your company’s progress on issues such as human capital and labor shortages, data usage, cybersecurity and lease accounting under the new lease standard. This article examines why being proactive is more important than ever in this rapidly evolving industry. Here’s an excerpt from the article:
“As 2019 comes to a close, let’s reflect on a few hot topics in the construction industry that will set the stage for 2020. These hot topics include continued strain on finding human capital, investments and improvements in technology, increased use of data and information, and protection of data and sensitive electronic information. As the end of 2019 approaches, companies with a December 31 year-end should have implemented the revenue recognition standard; therefore, their focus may now be on implementing the new lease standard.”
Don’t forget to read the ASC 606 Implementation Road Map that’s referenced in this article!
BKD is a Principal Partner of the Construction Financial Management Association (CFMA). This resource first appeared in CFMA Building Profits and was posted on bkd.com with permission. BKD Trusted Advisors™ are regular contributors to this publication.