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Construction Industry Resources2021-04-27T14:01:59-05:00

CICPAC members are dedicated to bringing the latest construction industry resources, published by industry experts, to our clients and friends. Below are the latest publications, whitepapers and reports related to Revenue Recognition, Tax Planning and Compensation Studies for downloading, free of charge, for CPAs and construction industry professionals.

Our committee members are constantly working to update and create new resources, so if you have any needs, please reach out to our committee chairs to discuss.

Revenue Recognition Resources

Mobile Workforce Guidelines for Contractors

Published Sep, 2020

The intent of this mobile workforce guidance is to present information you need to analyze which methods provide the best result at the best price for your organization as well as some helpful tools to assist with compliance.

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Retention Receivable Guidance

Published Feb, 2020

This whitepaper provides guidance on Revenue Recognition Standard (Topic ASC 606) as it relates to Retention Receivables. We discuss and clarify the question many experts have regarding retainage – “Is retention  receivable to be presented as an account receivable or a component of contract asset?”

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Using the Modified Retrospective Transition Approach

Published Feb, 2020

This publication provides guidance on Revenue Recognition Standard (Topic ASC 606) as it relates to the Modified Retrospective Transition Method (aka the Modified Approach). We discuss: defining the modified retrospective method, steps for implementation, documentation overview, and other guidance to help clarify this topic further.

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Combining Contracts: Specific Guidelines and Samples

Published Jan, 2020

This whitepaper discusses one of the more potentially significant points of analysis and impact for contractors relate to whether certain contracts should be combined from an accounting perspective. The new standard contains specific guidance for analyzing whether combining should occur. Importantly, and different from the potential result under previous revenue recognition guidance, combining is not optional under ASC 606.

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Practical Aspects of Uninstalled Materials

Published Jan, 2020

The new standard affects construction companies in unique ways, particularly in the area of purchased material. How a contractor will account for these costs under the new standard depends on a variety of factors, including how the material is classified, when the customer obtains control of the material, and whether or not the material is installed, designed and manufactured by the contractor.

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Terminology Concepts

Published Jan, 2020

After releasing the Implementation Guide, we realized that part of learning the standard is understanding the terminology and concepts. We compiled this Terminology & Concepts document to summarize the new terms as they relate to the old terms or to define what the new terms are referencing.

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Contract Abstract Analysis Tool

Published Aug, 2018

This analysis tool relates to ASC Topic 606 including certain criteria for an agreement to meet the definition of a contract. If all criteria are not met, the contract is not within the scope of ASC 606 and any consideration received would be recognized as a liability. Contracts can be written, oral, or implied. Contracts entered into at or near the same time with the same customer are combined and treated as a single contract when certain criteria are met.

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Revenue Recognition Implementation Guide

Published May, 2018

After close to three years of brainstorming, discussions and debate, research, collaboration, drafting and reviewing, this publication was created for your use. It has been written and edited by the best in the industry, it is your “go to guide” for construction CPAs and their clients. This Implementation Guide tackles the issues that are most pressing to construction companies, as they drive through 2018 and begin to understand the implications of the new standards.

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Tax and Compensation Resources

Tax Planning Opportunities for the Construction Industry + CARES Act

Published Jan, 2021

With the significant changes in the TCJA, the CICPAC Tax Thought Leadership Committee compiled a summary of those changes potentially impacting our construction clients for consideration. This publication includes an overview, analysis and proactive planning suggestions for CPAs and construction companies.

On March 27, 2020, The Coronavirus, Aid, Relief and Economic Security Act (CARES Act), was signed, which includes many more tax provisions that are intended to put cash flow in the hands of individuals and businesses.

These two publications were created / edited by the best in the industry, it is offered as “go to publications” for construction CPAs and their clients.

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CICPAC / PAS, Inc. Compensation Survey Report

Data Published Every Feb, 2019 – 2021

2021 RELEASE: PAS, Inc., the source for construction industry salary and benefit benchmark data, CICPAC, the CPAs Who Know Construction, and our member firms have developed this packet of the most comprehensive pay data available in the construction industry. The packet includes the following positions: Senior Project Manager, Senior Estimator, and Controller. Visit www.pas1.com for the most up-to-date compensation data and many more positions in the industry.

If you’d like to request copies from prior years, please email us and we will help you.

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Whitepapers, Authored by our Associate Members

The following resources were created by CICPAC Associate Members who are dedicating resources to help educate on hot topics in the industry. Associate members can submit whitepapers and articles for consideration via email.

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