AGC Financial Issues Forum Recap

Last week, nearly 40 member company CFOs and other senior accounting professionals attended the AGC Financial Issues Forum (FIF) Summer Meeting in Washington, D.C. Forum members were brought up to speed on the recently released Revenue Recognition Accounting Standard Update and had a tax discussion with Congressman James Renacci (R-Ohio), a CPA and member of the congressional tax-writing committee. On day one of the forum, attendees focused most of the day on the new accounting standard:

• With detail presentation & discussion on how the standard will affect construction companies by John Armour, CBIZ MHM; and member of the FASB Transition Resource Group
• Update on Financial Accounting Standards Board (FASB) ongoing projects such as lease accounting by Cullen Walsh, FASB senior staff

• An economic outlook by Bernard Markstein, U.S. Chief Economist, Reed Construction Data

On day two, FIF members turned their attention to tax issues faced by the industry:

• A discussion on construction tax issues including recent tax court rulings by John Armour, CBIZ MHM
• Presentation on the State of the Surety Industry by David Finkelstein, Arch Insurance Group
• Presentation on AGC’s new Private Health Care Exchange by AGC and Willis
• A tax policy dialogue regarding  recently published legislative drafts and future congressional action on expired tax provisions by Brian Lenihan, AGC Congressional Relations staff
• A discussion about the status of legislation and politics with Ways & Means Committee member Rep. Jim Renacci (R-Ohio)

The slides from the Summer Meeting are now available under the presentations tab on the meeting page – AGC FIF Summer Meeting. The next meeting of the FIF will be the Winter Meeting held Jan. 8-9, 2015, in Florida. Meeting and hotel information will be circulated in the coming weeks. The forum is geared toward member company CFOs, VPs of Finance, Controllers, Tax Directors and other senior accounting professionals – in which forum attendees have an opportunity to learn as well as formulate positions on tax and accounting matters that directly affect the bottom line and operations of AGC member companies of all sizes and specialties. Over the next months, AGC will highlight the work of FIF members and the need for construction companies to prepare for the new Revenue Recognition Accounting Standard Update. For more information, please contact Brian Lenihan at (202) 547-4733 or lenihanb@agc.org.