FDOT Prequalification Requires 2019 Financial Statement Changes.

Heads Up! The FDOT requires that an annual financial statement prepared under Generally Accepted Accounting Principles (GAAP) be included with the contractor’s annual prequalification package this year. Before you have your CPA finalize your financials, make sure they are doing it on the required method. According to the article that the Florida Transportation Builders Association (FTBA) put out “Florida’s contractors who submit 2019 financial statements with their annual prequalification application to the FDOT will need to address the new revenue recognition rules required by a new accounting standard.” Read the full FTBA article HERE with all the information you need to know!

Source: Florida Transportation Builders Association
(https://shavell.com/wp-content/uploads/2019/11/16993-FTB-Fall-2019.pdf )