Last Thursday and Friday, member company CFOs, CEOs and other senior accounting professionals participated in the AGC Financial Issues Forum (FIF) Summer Meeting in San Diego, Calif. FIF members were brought up to speed by AGC staff on the schedule in Congress for tax reform; privy to an in-depth economic outlook for the industry; and engaged in a colloquy with colleagues on the latest accounting proposals impacting the construction industry.
Dedicated segments covered the following:
- Tax Reform policy dialogue concerning the recently published legislative drafts and congressional meetings held since last year.
- Discussion with chief tax counsels from the Senate Finance and Ways & Means Committees on the thinking behind members of Congress’ approach to certain tax provision changes.
- Updates on Financial Accounting Standards Board (FASB) Exposure Drafts (including the ED for Leases published on May 16), status of the Revenue Recognition Project, and American Institute of Certified Public Accountants’ (AICPA) recently issued Financial Reporting Framework for Small- and Medium-Sized Entities.
- Update on the implementation of the Affordable Care Act from Ernst & Young LLP on the latest regulations, as well as details on the law’s penalties and taxes.
- Presentation by AGC’s chief economist on the forecast for the industry.