Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Remember to book construction retainages

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On construction projects, there’s typically a retention held back from the contractor until the project is complete.  Scott Moglia at Nonprofit GPS has a reminder in Don’ Forget about your Retainages:

Remember to pick up the liability for retainage on construction projects.

When I read his post, I pondered a moment and realized that if all of my clients were  a baseball team, the lifetime team batting average for booking that liability when it exists is about 0.000.

Remember to look for, and record, retainages.

Read the full, short article.

Written by Jim Ulvog

February 9, 2012, 7:54 am at 7:54 am

Posted in Accounting

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