In June 2010, the Financial Accounting Standards Board issued its Exposure Draft, Revenue from Contracts with Customers. If this Exposure Draft is adopted, it could have a negative impact on contractors� financial statements and the percentage-of-completion method, as we know it, would largely disappear. At a minimum, it will make financial reporting more reliant on subjective decisions that will vary from contractor to contractor. In addition, financial performance will appear inconsistent, since revenue won�t be recorded until the project is transferred to the owner. As a result, financial institutions and bonding agents may misread financial information from construction companies under
High energy costs have always been an incentive for improving the energy efficiency of commercial buildings. Now that the threat of global climate change and record-high costs have ratcheted up the urgency, federal tax deductions originally passed in 2005 give commercial property owners, and in some cases, architects, engineers and contractors, generous allowances for the construction or renovation of energy-efficient buildings. These tax deductions are available for systems “placed in service” in U.S.-located commercial buildings from January 1, 2006 through December 31, 2013, even if the deductions were not originally taken in 2006 or 2007, they can generally be claimed