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CFMA Adds Special Presentation at Annual Conference on Recently Released Revenue Recognition Standard

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For Immediate Release:
May 29, 2014




Contact: Director of Marketing
CFMA
marketing@cfma.org


CFMA Adds Special Presentation at Annual Conference on Recently Released Revenue Recognition Standard

Princeton, NJ – The Construction Financial Management Association (CFMA) is pleased to announce that a special session will be held at their 2014 Annual Conference and Exhibition regarding the recently released Revenue Recognition standard. The conference, which is taking place June 7-11 in Las Vegas, NV, is bringing together the top experts in construction finance and boasts five days of learning and networking.

Held in conjunction with a session featuring Billy Atkinson, Private Company Council (PCC) Chairman, the June 10 Revenue Recognition presentation, to be led by Michael Sobolewski, Partner, PricewaterhouseCoopers, and Tim Wilson, Partner, BKD, will provide attendees with background knowledge of the standard and high-level insight into the changes, expected improvements, and what it means for financial reporting in the construction industry.

“I think everyone will find that, thanks to the efforts of many stakeholders over the past ten-plus years, the percentage-of-completion method that we all know remains, for the most part, intact. However, you will find that the FASB took a new approach in thinking through revenue recognition, in that we will now measure the completion of a performance obligation over time,” said Steven Lords, Chief Financial Officer of the Arizona Pipeline Company and Chairman of CFMA’s Emerging Issues Committee. He continued: “CFMA will be at the forefront of providing direction and education to help our members, and the industry, understand how to apply the new standard. Stay connected with us to learn of the upcoming webinars, articles, chat room discussions, etc.”

Stuart Binstock, President and CEO of CFMA, said, “The timing of the announcement of the new standard works well for us. We look forward to being able to share information about the newest Revenue Recognition updates with our members and the construction finance industry as a whole at our Annual Conference next week.” CFMA will also be live-streaming the discussion so that it can be viewed by everyone.

CFMA will follow-up the Revenue Recognition session at the conference with a free webcast on June 24, taking a deeper dive into the new standard’s specifics. The award-winning CFMA Building Profits will also cover the topic in upcoming issues. Visit www.cfma.org/revenuerecognition, CFMA’s Revenue Recognition Hub, for access to the latest information about this topic.