FASB UPDATE: MCAA FINAL DRAFT COMMENTS TO FASB NOW AVAILABLE
The new multiemployer defined benefit plan disclosure regime being proposed by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) is now fully developed and proposed in three published documents.
- First, the IASB19 Defined Benefit Plan Standard is out for comments which are due September 6. MCAA is participating in a broad coalition with the Groom Law Group and is filing comments in opposition to those proposed changes in international standards, emphasizing that: ". . . because the proposed amendments do not take into account the unique terms of United States' law regarding multiemployer plan liability, the distorted information will not provide useful information to end users and will have significantly adverse effects on investors, contributing employers, multiemployer plans, their employee participants, and the economy as a whole." MCAA is participating in the IASB process because national financial policymakers are pressing for eventual "convergence" on accounting standards to facilitate global financial markets. Also included are comments from the National Association of Surety Bond Producers (NASBP) similar to MCAA's on the IASB19 proposal.
- Next, the FASB Exposure Draft Topic 450, Disclosure of Certain Loss Contingencies, comment period is closing September 20. MCAA is completing the Campaign for Quality Construction (CQC) comments that argue for strictly tailoring the requirements for disclosure of multiemployer pension withdrawal liability to the unique terms of national pension policy set out by Congress for construction industry plans. That is, withdrawal liability is actually incurred only if a complete withdrawal is made (the former contributing employer goes open-shop in the area of the plan), and disclosure on any other more remote standard of likelihood presents the same risk of harm set out above, misleading information, risking worse consequences that would imperil the entire system. MCAA's final draft comments are posted at www.mcaa.org/fasb.
- Finally, on September 1, FASB released the long-announced and somewhat delayed, last set of proposals, the even more intrusive Exposure Draft Subtopic 715-80, Compensation - Retirement Benefits, Multiemployer Plans. Comments are due on that proposal by November 1. MCAA and the CQC, along with legal, CPA and actuarial consultants, will be preparing an analysis of the proposal also may file comments on them. By requiring vast amounts of data-quantitative and qualitative-about each multiemployer plan in which the company participates, including speculation about eventual funding improvement or rehabilitation funding assessments even before they are proposed, much less finalized and adopted by collective bargaining, this latest exposure draft again presents the serious risk of misleading information leading to adverse lending and bonding capacity consequences. In addition to commenting directly, MCAA is reaching out to surety and commercial lending firms and their representatives to gain their assessment of the likely unwarranted negative impact of the proposals. And even further, MCAA is beginning to look for public policy support for the view that national pension policy and rules must be reflected in accounting policy as well. Go to www.mcaa.org/fasb for the actual proposals, and commentary on them. The proposals themselves indicate how participants can comment directly to FASB.
MCAA has been recommending that MCAA members reach out to their accounting, bonding, and lending professionals for a discussion of the matter and their participation in comments.
| GET THE BEST OF EVERYTHING BY REGISTERING EARLY FOR MCAA 2011Start making your plans NOW to attend MCAA 2011 (March 6-10). When the blue-wrapped Convention Planning Guide arrives in the mail this week, take some time to review the featured speakers, the educational sessions led by leading business and personal development experts, the enjoyable recreational activities, the incredible social events and the outstanding hotels (Fairmont Kea Lani, Grand Wailea, Wailea Beach Marriott) and facilities... all set against the beautiful Hawaiian backdrop that makes this convention so amazing. Then, register! Your chances of securing the hotel and room you prefer will never be better and you benefit from the Early Bird registration fee and an average 33% discount in room rates across all the convention hotels. Also think about extending your stay-either before or after MCAA 2011- at another resort on one of the other Hawaiian islands where MCAA has negotiated special rates. |
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Watch the VideoDoes your estimating process have defined steps and functions that can be repeated each time your firm prepares an estimate or is each one a new creation? Do you want to train your senior estimating personnel and chief estimators how to create a plan for a consistently successful system? MCAA’s IPA (Institute for Project Acquisition) will show your personnel in three days how to acquire these skills—a "must" in today’s highly competitive marketplace. This is an advanced estimating conference and is not designed for entry level personnel. Register now since this will be offered only once this year. Go to www.mcaa.org/ipa for details and to register online. |
Course Outline for BIM TECHNOLOGY for Mechanical Contractors Course |
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MCAA Releases Green Associate Training Module
 | MCAA has released a new Green Associate Training Module, the country's only DVD-based LEED Green Associate test prep program. The module prepares MCAA contractors and their staffs for the newly developed LEED Green Associate professional credential, designed by the U.S. Green Building Council (USGBC), for sales professionals, estimators, contractor owners and manufacturers. For project managers and those wishing to take their education a step further by earning a LEED Accredited Professional Building Design+Construction (LEED AP BD+C and LEED AP O+M) designation, the new credential also acts as the mandatory first step in the process. MCAA's unique, three-part education program uses industry-leading faculty and allows you to learn without leaving your office, saving you travel time and costs. Begin by watching the comprehensive DVD, which explains LEED core concepts and strategies. The companion manual includes more detail and reference materials to help you prepare for the LEED Green Associate exam. After completing the DVD training, join a live webinar to review the material from the DVD and ask questions of the instructor, Courtney France. She is a LEED AP who has worked on more than 200 projects around the world that have applied the U.S. Green Building Council (USGBC)'s LEED rating system. And, MCAA produced the Green Associate Training Module in partnership with her company, France Sustainable Solutions. |
In the last five years, MCAA and MSCA have prepared over 1000 mechanical industry professionals to become LEED Accredited Professionals through their live training programs. The new Green Associate Training Module is the evolutionary next step that allows contractors to prepare at their own pace, without missing time out of the office or incurring travel costs. This is accomplished by incorporating a DVD, with a handbook to visually explain concepts and strategies, and a webinar for direct interaction with the instructor. To find out more, and to purchase the module, go to www.leedgatestprep.com. |  |
MCAA-PAC
 | Working to Advance Your Industry's Best Interests in the Legislative Process The Mechanical Contractors Association of America’s political action committee has established a strong track record since its inception in 1999. Your Government Affairs Committee’s plan is to continue to build on that tradition. MCAA’s member leadership and Board of Directors have supported their PAC and recognize that effective public policy representation and political activity go hand in hand. Learn how to get involved. |
Now Accepting Registrations for AIPM Class 7
Make your best project managers even better... much better! MCAA is now accepting applications for its upcoming Advanced Institute for Project Management (AIPM). The class takes place January 16-21, 2011 at the University of Texas in Austin and features a revised curriculum covering team building; keeping customers for life; insurance, bonding, and financial due diligence; claims; claims avoidance; operational management; goal setting; and much more. The topics, which are presented at a highly advanced level, are taught by the very best mechanical industry experts. To get the most out of AIPM, MCAA recommends that you send only IPM graduates with some amount of project management experience, or advanced project managers with considerable experience. Get more information. |
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Green Building Initiatives Gain Ground in Next Round of Jobs Proposals
Senator Jeff Merkley (D-OR) introduced the Building STAR Energy Efficiency Rebate Act of 2010, which would provide Treasury Department rebates to multifamily and commercial building owners that invest in substantial energy retrofits. The Rebuilding America Coalition's Building STAR program is being pressed for inclusion in several of the jobs bills that are moving forward. Also on the table are the Water Efficiency and Conservation Investment Act, which would provide tax incentives for installation of WaterSense approved plumbing fixtures, and the Fire Sprinkler Incentive Act, which would provide an accelerated and/or bonus depreciation for fire sprinkler retrofits in multifamily and commercial buildings. For Stimulus-related archives, go to: MCAA's Stimulus Action Center at www.mcaa.org/stimulus.
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Find What You Need with OPUS
The Online Piping & Usage Specification (OPUS) is available online at http://opus.mcerf.org. MCAA's online resource allows the user to make dynamic combinations of pipe types, materials, applications and joinings.
Developed by a task group of MCAA contractors and Manufacturer/Supplier Council members, OPUS aims at those who are new to the industry, but all MCAA members are encouraged to use the system.