AGC Tax and Fiscal Affairs Committee Hears from FASB Chair

The AGC Tax and Fiscal Affairs Committee held their winter meeting on Jan. 5 and 6.  The committee discussed numerous topics, including: the legislative and political landscape, an update of Federal Accounting Standards Board (FASB) activities regarding revenue recognition, leases and the evolving recognition by FASB that private companies have different needs than public companies.  There was a detailed report on the possibility of comprehensive tax reform and how it will impact the construction industry. There was also a detailed discussion on evolving construction tax issues and a comprehensive update on construction audits. Highlights of the meeting include an address from FASB Chairwoman Leslie Seidman and a detailed discussion led by Attorney Chuck Lieser on the U.S. Tax Court Case, “Gibson and Associates, Inc. v. Commissioner of Internal Revenue.” The Tax Committee will next meet in Washington, D.C., June 14-15, 2012. For more information, please contact Jeff Shoaf at (202) 547-3350 or shoafj@agc.org.