FASB Staff Issues Educational Paper on Applying Revenue Guidance to Construction Contracts With Retainage Provisions

The FASB has issued a staff educational paper that “addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions.” The educational paper is being released in response to feedback from private-company stakeholders (e.g., the Private Company Council).

For more information, see the press release on the FASB’s Web site.