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20WC-0202: Accounting and Auditing for the Construction Industry (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Tuesday, July 7, 2020
10:30am - 2:00pm Central Time
4 CPE (4 technical)

Alternate dates & more options

The construction industry faces many unique challenges to survive and remain profitable. These include specific aspects of accounting and reporting for construction contracts, and estimating project costs and profitability.Analyze revenue recognition under the percentage of completion method (including comparing current standards to the new FASB revenue standard) by exploring the underlying details. Reduce potential errors made using established concepts, including the shortfalls of the "cost to cost" method. Take a focused look at accounting, reporting and auditing for construction contractors. Discuss techniques and examples that provide a realistic audit approach for the contractor, including detailed auditing procedures for many types of contracts.

Major subjects

  • Illustrative computations for revenue recognition
  • Analysis of 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

Learning objective(s)

  • 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 revenue recognition and costing 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.

Who should take this program?

CPAs and financial professionals.

Fees

Our records indicate you are a nonmember. If you register, you will be charged $201.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $150.00
checkmark Standard Nonmember Fee $201.00

More program information

Location Online
Area
of study
Accounting & audit
Field(s)
of study
Accounting - Technical (4.0)
Level Basic
Format Group Internet Based
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Prerequisites Prereq. None
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.