ConstructionAdvisorToday

Construction Financial Management Group Wants More Time to Mull FAF’S Plan for a Private Company Standards Improvement Council

The Construction Financial Management Association (CFMA) has encouraged the Financial Accounting Foundation (FAF) not to follow through with a plan to create a Private Company Standards Improvement Council (PCSIC) without further outreach to address various CFMA concerns. Under FAF’s plan, PCSIC would identify, propose, deliberate, and formally vote on specific exceptions or modifications to U.S. Generally Accepted Accounting Principles (GAAP) for private companies.

Preliminary Results of Construction Estimating Survey Deemed ‘Surprising’

Austin, Texas-based Software Advice’s survey of construction professionals about their estimating practices has yielded some “surprising” preliminary results, according to Houston Neal, the company’s marketing director. In an email interview with Construction Project Controls and BIM Report, he disclosed the following early findings of the survey, which can be taken by clicking on the following link: http://software-advice.polldaddy.com/s/construction-estimating-benchmark-survey:

Consultant Reports that the Demand for Cutting-Edge Construction Software is Increasing

The demand for cutting-edge construction software is increasing, according to a new report from CTS Inc. President Sheldon Needle, a construction industry consultant. The report examines the business drivers behind the jump in construction technology investments and makes a case for buying construction software this year.

Revised Standard for Revenue Recognition Expected to Be Finalized Late This Year

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have issued for public comment a revised draft standard to change the financial reporting requirements of International Financial Reporting Standards (IFRSs) and U.S. Generally Accepted Accounting Principles (U.S. GAAP) for revenue and some related costs from contracts with customers. The proposal, which would replace IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations, and, in U.S. GAAP, guidance on revenue recognition in Topic 605 of FASB’s Accounting Standards Codification, is expected to become a final standard late this year.

Experts Offer Advice on Recovery Schedules in Construction Projects

Upon receiving a request for a recovery schedule in a construction project, the first course of action should be to examine the schedule and try to determine what may have caused the delay. This is one of many pieces of advice that Warner Construction Consultants Inc. Vice President Michael Harris and Larry Baker, a senior partner at Watt, Tieder, Hoffar & Fitzgerald LLP, construction professionals attending a webinar that WPL Publishing held earlier this month.

New Office Expected to ‘Improve the Professional Practice of Construction Management’

The Construction Management Association of America’s (CMAA) Board of Directors has created a new office that will strive to improve the professional practice of construction management. Heading the new office will be William Heitz, president of Atlanta-based Heery International Inc.

Database of IFC-Compatible Software Applications Unveiled

BuildingSMART has unveiled a database of software applications that are compatible with the Industry Foundation Classes (IFC) standard, a move designed to provide an official reference resource for architecture, engineering, and construction industry software users. The database, posted on the organization’s website, lists more than 100 applications and will be updated.

Double-Digit Growth Rate Expected in AEC Software and Services Market

Expect a double-digit compound annual growth rate (CAGR) in the global architecture, engineering, and construction (AEC) software and services market over the 2010-2014 period, according to a report that TechNavio has released.

Rules for Success in Cost Estimating Outlined During WPL Publishing Webinar

There are several rules for success in cost estimating, a senior project management consultant told attendees of a webinar that WPL Publishing held Sept. 27. Consultant Doug Findley outlined these rules during the two-hour event, entitled “Avoid Project Failure: Take Time to Plan the Project -- 13 Proven Steps to Success.” Here are the seven rules for success in cost estimating that he provided:

AGC, LCI Form Partnership to Promote Lean Construction

The Associated General Contractors of America (AGC) and Lean Construction Institute (LCI) have finalized an agreement to promote lean construction through an education program targeted to a wide variety of professionals in the construction community. The agreement, negotiated during the summer, takes effect immediately and will last for at least three years.