Self-Study

Surgent's Construction Contractors: Critical Accounting, Auditing, and Tax Issues (CONS)

  • Wednesday, January 29, 2020 – Friday, April 30, 2021

  • 8
    CREDITS
    Accounting, Auditing

Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Construction engagements are, in many instances, more "dangerous" than most lines of businesses due to the many users of the financial statements. In this course, we will discuss why construction accounting and financial reporting are so complex, and discuss the relationship between the contractor and the surety, both from an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit, and we will discuss key areas of tax compliance concentrating on those areas which make construction unique, including the impact of The Tax Cuts and Jobs Act on the construction industry.

Objectives

  • Apply accounting and financial reporting standards to construction contractors
  • Perform audit and review engagements for construction clients according to the Standards as efficiently and effectively as possible
  • Identify tax compliance issues unique to the construction industry and apply the latest changes

Highlights

  • Overall landscape of the construction industry
  • GAAP and recent changes affecting the construction industry
  • The new Revenue Recognition Standard and its impact on the construction industry
  • Unique audit and review issues with construction contractors
  • The unique relationship between the contractor and the surety
  • Tax compliance issues facing construction contractors
  • Going concern disclosures and their importance to the construction industry
  • The new lease FASB ASC and its impact on the construction industry 

Additional Information

Designed For

Practitioners who have construction clients and professionals in the construction industry who need to be up-to-date on the latest information

Vendor

Surgent

Advanced Preparation

None

Credits

3.00 Accounting

3.00 Auditing

Prerequisite

Previous experience in the construction industry or in providing service to construction clients

Course Number

2024108

Level of Knowledge

Intermediate

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