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Page | 3 As I pen these introductory comments to CICPAC's Revenue Recognition Implementation Guide, it is hard for me to believe the industry has been grappling with the proposed changes for over nine years. And yet, here we are. In that period, we have seen extensive rewrites from the initial proposed guidance to where we are today. Following an outcry from the credit community, construction contractors and, of course, the construction CPAs, we were able to infl uence the incoming model to a point of comparability between the periods before and after adoption. In other words, percentage of completion (or something similar to it) is still here. Welcome from Carl Oliveri, Revenue Recognition Task Force Chair > During our executive committee meetings in May 2015 (in Atlanta, GA), it was unanimously agreed that CICPAC needed to be proactive in terms of education and thought leadership as it related to Proposed Accounting Standards Update, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. After all, as the CPAs who know construction our opinions, perspective and guidance would be critical to the construction industry as implementation drew closer. We believed it was our responsibility to ensure these changes would have minimal impact and disruption to the construction contractor's business and fi nancial reporting model. So, our fi nal product, be it a fl ow chart or series of white papers, would need to be deep enough to provide guidance on more complicated construction fi nance/accounting arrangements but fl exible enough for the small contractor needing their fi rst bond or line of credit. We are fortunate to have a true and dear friend in Mr. John Armour, CPA, CCIFP, construction accounting industry consultant and member of the FASB/IFRS Committee, who has already shaped much of what we do today as construction industry CPAs. When we shared our vision with John, he zealously volunteered to help guide our eff orts, which are contained within these pages. The materials and positions compiled in this publication were from the eff orts of CICPAC's Revenue Recognition Task Force (listed on next page), all of who answered our "call to arms" and volunteered their time. Additionally, the content was thoroughly reviewed by John Armour. A Herculean eff ort, one which deserves an even larger "thank you" for their dedication and determination! In summary, after close to three years of brainstorming, discussions and debate, research, collaboration, drafting and reviewing, the publication is here for your use. It has been edited by the best in the industry, it is your "go to guide" as construction CPAs. This guide tackles the issues that are most pressing to construction companies, as they drive through 2018 and begin to understand the implications of the new standards. On a personal note, it was an honor and privilege to work with Kathleen Baldwin, John Corcoran, Michelle Class, the CICPAC executive committee, our volunteer members and John Armour on this guide.

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