The International Accounting Standards Board (IASB) and the Financial Standards Accounting Board (FASB) recently issued new accounting standards related to lease assets. For public companies following FASB standards, the effective date for implementation is for the fiscal year beginning on or after Dec. 15, 2018. For all other companies, the effective date of the FASB standard will be for the fiscal year beginning on or after Dec. 15, 2019.
Managing jobsites can be challenging enough, but once interior work begins and crews are out of sight, busy construction supervisors can be at a disadvantage. Keeping track of workflow means time-consuming walkthroughs.
Over the last few years, substantial changes have impacted the industry’s landscape—from the introduction of API CK-4 and FA-4 engine oils and Tier IV engines to stringent new emissions legislation and the drive toward improved fuel economy.
Sometimes, renting equipment makes perfect sense. In this still-tight credit environment, some lenders aren’t willing to finance a large piece of equipment, or an outright purchase might not add up financially if the equipment is only needed for a short duration. For contractors on a budget, rental companies usually have the latest models in their inventories, a luxury that is out of reach for many smaller firms. Plus, renting equipment is convenient, with the duty of maintenance, setup and transportation being someone else’s problem.
Protecting projects from corrosion is a key component to many construction projects. In this three-part series, learn how to prevent three major types of corrosion: crevice, galvanic and pitting corrosion. On July 20, we covered pitting corrosion. This week, we’re focusing on understanding and avoiding galvanic corrosion.
Maintenance is a key priority when it comes to fleet operations. Of course, preserving the bottom line through cost-efficient decisions should always a priority, but reliability, performance and safety are of equal importance. A vital part of fleet maintenance, which takes into account all these factors, is an effective oil analysis program.
Private Equity’s Ability to Improve Cash Flow and Further Business Growth Private Equity is One Way for Contractors to Grow Their Business
As the economy remains solid and businesses generally are doing well, most construction contractors have likely thought about ways to continue growing their companies. By investing in a minority stake in a business, strategic equity partners can provide capital for growth or shareholder liquidity and help take the business to the next level.
It has taken some time, but the construction industry is finally experiencing the benefits of using e-commerce to buy, sell and rent used and surplus equipment and materials. The old days of a construction project manager working the phone with a broker or intermediary to source or dispose of supplies are over. E-commerce, and its use through mobile tablets and smartphones, has radically changed the process, thereby increasing the speed of transactions, lowering costs, reducing project timelines—and even improving the planet’s carbon footprint.
Anyone who studies history understands that to look back is to look forward, and it seems construction technology follows suit. As construction is rapidly moving into a digital-first world, companies are seeing major shifts in the ways technology helps them streamline practices, reinvent personnel and equipment management and even use virtual and augmented reality to ideate, construct and maintain their buildings. The speedy pace of innovation has heads spinning, often leaving companies feeling a sense of fear from a lack of control.
Eight Tips for Complying With New Lease Accounting Rules Construction Contractors Must Start Now to Implement New FASB Standard
Though many contractors are aware of the upcoming changes to lease accounting, many are unsure of how to transition to the new accounting standard, known as Accounting Standards Codification Topic 842 (ASC 842).
More than 40 percent of all medium and heavy-duty diesel commercial trucks in operation in the United States—4 million of 9.5 million total—are now equipped with newer technology clean diesel engines, according to new Diesel Technology Forum (DTF) analysis of IHS Automotive vehicles in operation statistics.