Construction Contractors: Critical A & A & Tax Issues in Today's [CONS Anc]

Full Description

Construction Contractors: Critical Accounting, Auditing and Tax Issues in Todays Environment

September 29, 2014
AKCPA Conference Room
Anchorage, AK

Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Also, construction engagements are, in many instances, more dangerous than most lines of businesses due to the many users of the financial statements. In this course, we will discuss why construction accounting and financial reporting are so complex, and discuss the relationship between the contractor and the surety, both from an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit, and we will discuss key areas of tax compliance concentrating on those areas which make construction unique.

Major Topics:
Overall landscape of the construction industry
GAAP and recent changes affecting the construction industry
The FASB Revenue Project and its potential impact on the surety industry
Unique audit and review issues with construction contractors
The unique relationship between the contractor and the surety
Tax compliance issues facing construction contractors
Going concern disclosures and their importance to the construction industry

Learning Objectives:
Apply accounting and financial reporting standards to construction contractors
Perform audit and review engagements for construction clients according to the Standards as efficiently and effectively as possible
Identify tax compliance issues unique to the construction industry and apply the latest changes

Designed For: Practitioners who have construction clients and professionals in the construction industry who need to be up-to-date on the latest information

Level of Knowledge: Intermediate

CPE Credits: 8 (Accounting (3), Auditing (3), Taxes (2))

Prerequisite: Previous experience in the construction industry or
in providing service to construction clients

Acronym: CONS

Discussion Leader: Jennifer Elder, CPA

Print Page back to list