Construction Industry Accounting and Financial Reporting

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Overview

8.0 Credits
IN-PERSON

The course materials are applicable to both CPAs providing services to construction contractors as well as CFOs, controllers and internal accountants. The seminar will include a review of the basic principles of construction accounting and taxation and address financial management and reporting issues encountered in the construction industry.
 
The discussion will include updates on construction GAAP and GAAS and recent tax legislation applicable to the industry.

Objectives

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

  • How to provide accounting, tax and consulting services for contractors as independent CPAs and as CFO/Controller.

Major Topics

Topics of discussion will include:

  • Overview of basic principles of construction accounting and taxation
  • Internal controls designed for the construction contractors
  • Contract analytical review procedures and benchmarking
  • Financial statement disclosures and reporting requirements
  • Percentage of completion method issues and risks
  • Surety analysis and yellow (red) flag indicators
  • Recent GAAP and GAAS pronouncements affecting construction
  • Contractor valuations including merger and acquisition considerations
  • Contract claims and change order documentation and disclosure
  • Recent GAAP and GAAS pronouncements impacting contractors
  • Most commonly missed tax strategies and recent tax developments

Designed For

CPAs serving clients in the construction industry as well as CFOs, controllers and accountants who work for construction contractors

Prerequisite

Basic construction industry accounting and tax courses, or experience in construction industry accounting

Advanced Preparation

None
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Classroom: Meeting room A/B

FICPA EZMaterials! Paper manuals will not be provided at this session, you’ll need to download the EZMaterials as searchable PDFs to your laptop, tablet or other device before the event.
 
For more information feel free to call the FICPA Member Service Center at 800-342-3197 or 850-224-2727.