Construction Industry Accounting, Financial Reporting and Contract WIP

Overview

Highlights

• Construction industry overview including current trends, developments, and data
• Review of construction GAAP principles and clarification of ASC 606
• Financial reporting, and disclosure requirements for contractors including statement footnotes and supplemental disclosures for contract WIP, claims, joint ventures, warranties, backlog, etc.
• Contract WIP schedules and analytical procedures
• Contract job costing and indirect cost allocations

Prerequisites

Basic construction industry accounting and tax knowledge, or experience in construction industry accounting.

Designed For

CPAs, CFOs, controllers, and accounting professionals that work with construction contractors as well as surety analysts, bankers, attorneys, and other advisors that service the construction industry.

Objectives

• Obtain an overview of the construction industry's current trends, developments, and financial performance metrics.
• Clarify construction GAAP principles with a focus on ASC 606 and its application to contracts.
• Review financial reporting and disclosure requirements specific to contractors, including key footnotes and supplemental disclosures for WIP schedules, claims, joint ventures, and more.
• Analyze contract WIP schedules and apply effective analytical procedures.
• Address best practices in contract job costing and indirect cost allocation to improve financial oversight.

Preparation

None

Notice

Login information and eMaterials will be available in the “My CPE” section of the NESCPA website two business days prior to the seminar. Once eMaterials are downloaded, no cancellation/transfer/refund is available.