Accounting & Auditing for the Construction Industry

Tuesday, November 23, 2021
Webcast or Webinar, Online
12:30pm - 4:00pm (opens at 12:15pm) EST
4Credits
Accounting and Auditing

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$165.00 Regular Price
Non-Members
$230.00 Regular Price
Course Type: CPE Seminars
Course Code: 21/AACI41WS
Level: Basic
Vendor: Florida Institute of CPAs
Field of Study: Auditing, Accounting

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.

Presenters:

  • 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

Designed For:

Internal CPAs and CPAs currently servicing construction contractors, providing auditing and review services; you will be able to assist the company with evaluating job profitability, and presenting quality financial information to lenders and bonding companies.

Event Promotions

In-person FICPA Seminars are GOING ONLINE for 2021! Due to the continuing COVID-19 crisis, all FICPA Seminars will be presented in an online format.
 
Our Seminars include a live presentation with speaker audio, video and PowerPoint presentation.  Attendees can ask questions. Speaker will repeat questions to share with all attendees and answer questions as time allows. Individuals can also reach out to speakers directly via email after the event.
 
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.