In 2022, the Association of Certified Fraud Examiners (ACFE) published its Report to the Nations, a global study on occupational fraud. The ACFE surveyed 7,890 examiners and reported that internal fraud drains more than $3.8 billion annually from global businesses
The main goal of ASC 606 was to create a similar revenue recognition policy and calculation across all industries. The construction industry, which has historically had its own guidance and industry practices, is no exception.
Good accounting systems and practices are important tools for managing any construction business
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