Webinar

Accounting & Auditing for the Construction Industry

  • Thursday, June 27, 2019

    8:30am – 12:00pm
  • 4
    CREDITS
    Accounting, Auditing

The construction industry faces many unique issues and challenges to survive and remain profitable.  These challenges include the specialized aspects of accounting and reporting for construction contracts, as well as estimating project costs and profitability.  

You will analyze revenue recognition under the percentage of completion method (including comparing current standards to the new FASB revenue standard) by exploring the underlying details and potential errors that are made using established concepts, including the shortfalls of the “cost to cost” method.  You will discuss examples of techniques that will provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts. 

Objectives

  • To recognize and handle the basic accounting and auditing issues peculiar to the construction industry
  • Identify financial statement presentation and disclosure issues
  • Be aware of the specific bonding requirements and objectives
  • Explore the components of the percentage of completion method of accounting using a risk-based perspective
  • Address the common pitfalls for error, and learn to apply the principles for all types of general and specialty contractors
  • Develop an audit approach for specific identified risks
  • Address the viability of project site visits

Highlights

  • Illustrative computations for revenue recognition 
  • Analysis of FASB revenue recognition standard and the anticipated impact on the construction industry
  • Application of “risk-based” audit model to contractors
  • The “Lookback” analysis  and the contractor’s estimating reliability
  • Practical approach to auditing contracts completed and in progress 
  • Numerous computations and alternative approaches 

Additional Information

Designed For

Internal CPAs and CPAs currently servicing construction contractors, providing auditing and review services; you will be able to assist the company with evaluating job profitability, and presenting quality financial information to lenders and bonding companies

Vendor

ACPEN

Advanced Preparation

None

Prerequisite

None

Field of Study

Accounting, Auditing

Course Number

192239108

Level of Knowledge

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