Your bonding company just rejected your financials. Your lender is asking questions about "contract assets" you've never heard of. Your CPA says you need to restate last year's revenue. The culprit? ASC 606 revenue recognition and you're doing it wrong. Here's what's at stake: contracts you can't bid on, loans you won't get, and financial statements nobody trusts. But here's the good news: once you understand ASC 606's five-step framework, you'll have cleaner books, better ca

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In the construction industry, financial transparency is crucial for decision-making, business planning, and attracting investors. Two of the most important financial statements that construction companies rely on are the Balance Sheet  and the Profit & Loss (P&L) Account . These two financial documents are fundamental in understanding the financial position and performance of a company. This article will clarify their differences, roles in construction financial reporting, an