Construction Contractors: Non-Revenue and Non-Lease Accounting Considerations (4 hours - morning) - Webcast

Overview

The construction industry stands out in its need to adhere to diverse accounting standards. This course explores the essential knowledge required for success in construction accounting, and the key issues influencing this field. You’ll discover the implications of recent developments for yourself, your business, or your clients. In addition, you’ll examine the relationship between contractors and sureties. Given the construction industry’s significant and ever-expanding share of the economy, staying up to date with the latest accounting updates in this sector is critical. Note: This course does not address FASB ASC 606, Revenue from Contracts with Customers, or FASB ASC 842, Leases. The AICPA offers a companion course that focuses on revenue and lease accounting for construction contractors.

OSCPA has partnered with the Washington Society of CPAs for this event.

Highlights

• Types of contractors
• Non-revenue GAAP accounting for contractors
• Contractor financial statements
• Sureties and their place in the construction relationship

Designed For

New staff to experienced staff with construction clients.

Objectives

When you complete this course, you will be able to:

• Recognize select characteristics that are unique to the construction industry and that have accounting, audit, tax, or consulting consequences.
• Identify the components of job costs incurred, the common categories into which the costs are divided, and the impact of both direct and indirect costs on the contractor.
• Recall the unique supplementary information normally included in the financial statements of a construction contractor.
• Identify the various financial benchmarks a surety or surety agent might analyze in a contractor's financial statements to determine the amount of the contractor's surety credit.