Construction Legislative Week in Review
www.agc.org October 28, 2010
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On the Inside
TRANSPORTATION
Administration Announces New High Speed Rail Funding
ELECTIONS
Vote November 2, Call in to Post Election Conference Call November 9
TAX
AGC Comments on Proposed Accounting Changes for Revenue Recognition
AGC Filing Comments on FASB Multiemployer Disclosure Draft
MEETINGS
AGC Highway and Utilities Contractors Conference Register Today
TRANSPORTATION
Administration Announces New High Speed Rail Funding
 

The Federal Railroad Administration today announced the award of $2.482 billion in High-Speed and Intercity Passenger Rail grants. Fifty-four projects in 23 states and several multi-state regions are included in the grant awards. These awards are in addition to the $8 billion in grants for projects approved earlier this year through the American Recovery and Reinvestment Act (ARRA). Projects in 31 states and the District of Columbia were funded under ARRA awards.

According to AASHTO, many states are already moving ahead in implementing the ARRA funded projects. In Florida, for example, contractors are testing soils and surveying property along I-4, in anticipation of the Tampa-to-Orlando high-speed rail line expected by 2015. Illinois is upgrading 39 miles of Union Pacific railroad track for high-speed service between Alton and Lincoln. Maine is replacing 30 miles of track between Portland and Brunswick in anticipation of a Boston-to-Brunswick line with new stations in Freeport and New Brunswick.

For more information, contact Brian Deery at (703) 837-5319 or deeryb@agc.org. Return to Top

ELECTIONS
Vote November 2, Call in to Post Election Conference Call November 9
 

Election Day is less than a week away, and AGC will monitor the results closely to determine the impact on construction. Be sure to vote November 2, and then call in to AGC’s Post-Election Conference Call November 9, 12:30-1:30 PM Eastern.

AGC’s Chief Executive Officer Steve Sandherr will discuss the results and impact of the midterm election, as well as the threats and opportunities for the construction industry in the 112th Congress.  The free one-hour call will assess the outcome of the election in the context of construction and report on AGC’s ongoing and new legislative priorities given a new political and legislative environment. 

To obtain call-in information, please RSVP to youngj@agc.org.

Visit www.agc.org/vote for polling information. Also review this article on issues important to the construction industry.

For more information, contact Jim Young at (202) 547-0133 or youngj@agc.org. Return to Top

TAX
AGC Comments on Proposed Accounting Changes for Revenue Recognition
 

AGC submitted comments Friday to the Financial Accounting Standards Board (FASB) in response to the Board’s proposed Accounting Standards Update to create a single revenue recognition standard across multiple industries, including construction.  The accounting update could have significant impacts on construction contractors, including increased administrative costs and effects on surety credit.  By introducing considerable subjectivity into the process, the new standard also will open the door to financial manipulation leading to less consistency and transparency in the financial reporting process in the industry.

Although the October 22 comment period has passed, information about the proposal can be found here.  To read AGC’s comments to FASB click here.

For more information, contact Karen Lapsevic at (202) 547-4733 or lapsevick@agc.org.


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AGC Filing Comments on FASB Multiemployer Disclosure Draft
 

AGC is finalizing its comments on the Federal Accounting Standards Board’s proposed accounting standard that would require the disclosure of withdraw liability from multiemployer pension plans on company financials. AGC’s comments urge FASB to withdraw the Exposure Draft and reconsider the proposal.

AGC’s concerns with the Exposure Draft (ED) are extensive. The draft under-appreciates the costs associated with compliance and overestimates the relevancy of the information that would be provided if the ED were to go into effect as written.  Any information included will be neither timely nor accurately reflective of the financial impact of participating in a multiemployer plan.  The draft significantly underestimates the complexity of the relationship between employers and multiemployer plans, and significantly underestimates the importance of the construction industry exemption that makes almost any liability merely theoretical rather than material.  Comments on the exposure draft are due Monday, November 1, 2010.

If you are interested in sending your own letter to the FASB, please keep in mind the following guidelines:

  • Deadline is Monday, November 1, 2011.
  • The FASB will not consider form letters.  Comments should be thoughtful and individually written.
  • Letters can be mailed or emailed to the following addresses:

Technical Director
File Reference No. 1860-100
Financial Accounting Standards Board
401 Merritt 7
PO Box 5116
Norwalk, CT  06856-5116
Email: director@fasb.org (For emailed letters, please include “Comment Letter – File Reference No. 1860-100” in the subject line of the email.)

For more information, contact Karen Lapsevic at (202) 547-4733 or lapsevick@agc.org. Return to Top

MEETINGS
AGC Highway and Utilities Contractors Conference Register Today
November 1113, Phoenix, Arizona
 

This conference is the best way for highway and utility contractors to keep ahead of their competition on the issues that are and will be impacting their respective markets. This year, the meeting will feature several joint sessions on topics with broad crossover between the markets. Planned sessions include the political outlook for construction after the 2010 midterm elections, increasing efficiency in highway and utilities projects, understanding the new cranes and derricks rule from OSHA, the future of CM@Risk contracting, and how social media impacts construction companies and projects.

The conference also includes separate tracks for each market to allow each group to get deeper on the issues affecting their specific markets.

For more information, click here. Return to Top

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