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Podcast: The Mobile Workforce Podcast
Episode: 182. Navigating ASC-842: What Construction CPAs Need to Know
Description: Listen in as Mike Merrill and CICPAC Executive Director Kathleen Baldwin discuss the implications of the new lease accounting standard, ASC-842, on contractors’ financial statements and business operations. ASC-842 now requires companies to record the financial impact of their leases on their balance sheets. Baldwin details how this standard affects metrics like working capital, debt covenants and bonding capacity. The conversation underscores the importance of proactive communication with sureties and banks to manage these changes effectively. This episode provides actionable insights for contractors looking to stay compliant and financially sound under the new regulations. Key Tak...