6 Takeaways from the FL CFMA Conference

The Central Florida Chapter of the Construction Financial Management Association (CFMA) hosted the annual CFMA Florida Regional Conference on November 11 and 12, 2021. The conference provided attendees with timely and relevant insights for construction accounting and finance strategies.

As legislative changes loom on the horizon, backlogs shrink and the competition for labor increases, now, more than ever, construction companies need a blueprint for how to move forward.

Whether you missed the event or just want a refresh, below are some key takeaways from the conference, including DHG’s Accounting for Leases Update.

1 Cybersecurity: Don’t wait for a breach to implement internal controls aligned with NIST standards. Review your Cybersecurity readiness now to avoid phishing and ransomware attempts that could impact your operations and financials.
2 Annual tax update: The new proposed tax bill, Build Back Better Act includes some changes to individual income rates, capital gains rates, corporate income tax rates, and estate exclusions.  For more information check out The Ins and Outs of the Revised Build Back Better Act.
3 Legal update Review your contracts to ensure revised statutes and codes are properly integrated into contracts.
4 CFO Panel: CFOs should ensure they are dedicated to business analysis, strategic planning, risk management and maximizing technology instead of functioning as a controller. Leverage your companies unstructured data to develop meaningful reports to maximize your operations.
5 Surety Update: Ensure the accuracy of your financial information with the 3 Cs: Character, Consistency, and Capacity.
6 Accounting for Leases: The new guidance under ASC Topic 842 requires lessees to recognize on their balance sheet all lease contracts with lease terms greater than 12 months, including operating leases. For additional info, check out DHG Lease Accounting Resources here.

If these or other issues are impacting your organization, DHG is happy to answer your questions and put the people and resources of a leading professional services firm to work for you.

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