“The CICPAC membership has added another supplemental document focused on the new Rev Rec standard. This time we tackle Retention Receivable Guidance, in an effort to assist our clients (and friends) in the construction industry.”
The question many experts have regarding retainage under ASC 606 is whether retention receivable is to be presented as an account receivable or a component of contract asset. ASC 606 requires retainage to be included in contract assets and liabilities until all of the performance requirements are completed by the entity.
This publications was developed and edited by the best in the industry. It is offered as a “go to publication” for construction CPAs and their clients. This whitepaper offers guidance on Topic ASC 606 – Retention Receivable.
Submit the form below to download the full PDF and reach out to your local CICPAC member firm with any questions or for assistance in implementing.