Construction Contractors: Accounting and Financial Reporting Issues (CST4)

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Overview

4.0 Credits
ONLINE

Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Also, 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, from both an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit.

Objectives

  • Apply accounting and financial reporting standards to construction contractors

Major Topics

  • 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
  • The unique relationship between the contractor and the surety
  • The new lease FASB ASU and its impact on the construction industry

Designed For

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

Prerequisite

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

Advanced Preparation

None