Accounting & Auditing for the Construction Industry
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Overview:The construction industry faces many unique issues and challenges to survive and remain profitable. These challenges include the specialized aspects of accounting and reporting for construction contracts, as well as estimating project costs and profitability. This course has been designed by Gene Ristaino, CPA/ABV/CFF, MT a recognized expert in the construction and real estate industry, to provide a more focused look at accounting, reporting and auditing for construction contractors. You will analyze revenue recognition under ASC 606 – Revenue From Contracts with Customers (including comparing prior standards to the new FASB revenue standard under ASC 606) by exploring the underlying details and potential errors that are made using established concepts, including the shortfalls of the “cost to cost” method to determine “stage of completion” for a particular contract. You will discuss examples of techniques that will provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts.
Objectives:To 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 recognizing revenue in accordance with ASC 606 - Revenue from Contracts with Customers - 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.
Eugene Ristaino, CPA/ABV/CFF, MST
OwnerRistiano & CompanyGene Ristaino currently provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms. His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and documentation, expert...Read more about Eugene Ristaino here
Major Topics:• Illustrative computations for revenue recognition
• Analysis of the new 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