Pittsburgh/New Castle/Meadville, PA – James A. Pitzer, CPA, Partner and Coordinator of Construction & Real Estate Services with Carbis Walker LLP, Certified Public Accountants & Consultants, recently attended the Associated General Contractors of America (AGC) Tax and Fiscal Affairs Committee meeting in Charleston, South Carolina.  The conference included a construction market outlook by Ken Simonson, chief economist of the AGC, as well as a federal legislative update from Jeff Shoaf of the AGC.  Participants were also presented updates on the impending Internal Revenue Services “3% withholding rule,” construction tax issues, and updates on the Financial Accounting Standards Board’s (FASB) Multiemployer and Lease Exposure Drafts.

Kenneth Bement, member of the FASB and Project Manager for the board's Revenue Recognition Project, was present to discuss the status of the exposure draft.  The proposed exposure draft objective is to clarify the principles for recognizing revenue and develop a common revenue standard for U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards (IFRS). 

The Tax and Fiscal Affairs Committee meets twice a year with the next meeting scheduled for January 5-6, 2012, in Scottsdale, Arizona.

Operating in partnership with its nationwide network of chapters and representing more than 33,000 construction firms, the AGC is one of the leading associations for the construction industry.  Carbis Walker LLP is a member and is actively involved with the Association.  Anyone interested in more information, or having questions can contact Jim Pitzer, at 724.658.1565, or jpitzer@carbis.com, for more in-depth information concerning issues facing the construction industry in these challenging times.