February 26, 2011
In addition to meeting frequently with FASB over the past ten years on critical issues and focusing significant member and staff time recently to issues such as multi-employer disclosure and revenue recognition, AGC joined a construction industry group established to advise the Financial Accounting Standards Board (FASB) on its proposed accounting standards update on multi-employer plan disclosure. AGC is represented by Eric Wallace, CPA and Partner at Carbis Walker, LLP, in Pittsburgh, Pennsylvania. Wallace is an active member of AGC’s Tax and Fiscal Affairs Committee who led AGC’s task force that submitted detailed comments (link is external)in November 2010 to the FASB in response their Exposure Draft (link is external)on the issue. Other members of the advisory group include representatives of several other contractor associations, as well as two key financial statement user groups: banking and sureties. The group includes a fund accountant, a fund actuary, a fund trustee, a Taft-Hartley attorney and fund counsel, contributing employers, and financial statement preparers in the construction industry. AGC last met with FASB in January and is planning to meet again in June.The advisory group is meeting with the FASB in late March to present some alternative disclosure options. Both AGC and this advisory group will continue to meet with the FASB on the differences between single- and multi-employer plans and on the unique nature of multi-employer plans in the construction industry. The FASB is expected to issue a revised exposure draft or a final standard in 2011. AGC is following this matter very closely and will continue to work with FASB and its staff on an acceptable proposal for the construction industry. For more information, contact Karen Lapsevic at (202) 547-4733 or email@example.com(link sends e-mail).