Webcast: Accounting and Auditing for the Construction Industry 26-27

Overview

The construction industry faces many unique challenges to survive and remain profitable. These include specific accounting and reporting aspects for construction contracts and estimating project costs and profitability. Analyze revenue recognition under the percentage of completion method (including comparing current standards to the new FASB revenue standard) by exploring the underlying details. Reduce potential errors made using established concepts, including the shortfalls of the “cost to cost” method. Take a focused look at construction contractors’ accounting, reporting and auditing. Discuss techniques and examples that provide a realistic audit approach for the contractor, including detailed auditing procedures for many types of contracts.

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

Independent Contractor qualifications

Prerequisites

None

Designed For

CPAs and financial professionals who service the construction industry.

Objectives

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 revenue recognition and costing 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