YHB strives to keep our community of clients, prospects and referral sources up-to-date on financial matters. For the past 12 years, our Construction Accounting Industry Team has hosted a seminar packed with timely information. This year we had three excellent speakers and then had wind down time with a round of golf.

Chris Frye, CPA, discussed lease updates that take effect in 2012. With the significant changes in recording leasing relationships, many clients welcomed the overview of the changes and knowledge of how these will be treated for GAAP. Leasing transactions, including what were previously considered operating leases, will be recorded as assets and liabilities at their inception. This was a high level discussion that provided a proactive look at actions necessary in light of these lease accounting treatment changes. 

The YHB Construction Accounting Industry Team Leader, Kevin Branner, CPA, pulled together a brief discussion on the several financial reporting and tax issues coming down the pike. These construction industry accounting emerging issues once again pleased the crowd and opened the floor up to many questions. The session included the latest updates, and information on how to best prepare your construction industry business for impending changes. Specifically, Kevin discussed changes in financial reporting, revenue recognition, and the 3% withholding on government contracting jobs which is scheduled to take place in 2013.

Strategic Planning is a current hot topic for many businesses in this troubled economy. Chris Pearson, CPA, walked through steps owners can take to move from the rear view mirror approach into managing a business for a forward looking, strategic oriented business.

If your business needs a financial checkup, please contact any of these speakers or Dena Dickson at dena.dickson@yhbcpa.com.