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Webinar (CA): Accounting and Auditing for the Construction Industry

Description

The construction industry faces many unique challenges to survive and remain profitable. These include specific aspects of accounting and reporting 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 accounting, reporting and auditing for construction contractors. Discuss techniques and examples that provide a realistic audit approach for the contractor, including detailed auditing procedures for many types of contracts

Learning 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.
• Develop an audit approach for specific identified risks.
• Address the viability of project site visits.

Major Topics

• 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

Provider
California CPA Education Foundation
Course Level
Basic
CPE Field of Study
Accounting
4
Who Should Attend

CPAs and financial professionals.

Instructor(s)
Eugene Ristaino
Prerequisites

None

Advanced Preparation

This webinar is produced by AICPA. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.

Location
Webinar
Event Information
When
Aug 10, 2021
9:00 am - 12:30 pm MDT
Location
Webinar
Total CPE Credits
4
Format
Webinar

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Webinar (CA): Accounting and Auditing for the Construction Industry


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