To provide CPAs and other financial professionals with the specialized knowledge to resolve problems unique to the construction industry. This webinar shows how to maximize financial reporting results within GAAP and avoid pitfalls that can weaken financial statements and imperil financing and bonding. You'll be equipped to calculate, account for and report all contract situations and deferred taxes.

To provide CPAs and other financial professionals with the specialized knowledge to resolve problems unique to the construction industry. This self-study webinar shows how to maximize financial reporting results within GAAP and avoid pitfalls that can weaken financial statements and imperil financing and bonding. You'll be equipped to calculate, account for and report all contract situations and deferred taxes.

DETAILED LEARNING OBJECTIVES

• Identify the formats contracts can take

• Identify the typical operating cycle for contractors

• Recognize examples of construction-related current assets and current liabilities

• Identify permissible examples of offsetting

• Recognize types of direct and indirect costs

• Identify the inputs used to calculate percentage of completion

• Recognize the preferred method under GAAP for calculating changes in estimates

• Identify the definition of profit fade

• Recognize the required construction industry disclosures

• Identify the definition of risk per ISO 31000

• Recognize “red flags” in the construction  industry

• Recognize reasons companies form joint ventures

• Identify which accounting standard covers collaborative arrangements

• Identify the definition of collaborative arrangements

• Identify situations when the equity method of accounting would be used vs. consolidation of two entities

• Recognize the definition of the IRS 20 factor test

• Recognize the preferred method for tax treatment of long term contracts

• Recognize the appropriate record retentions length for different types of documents

• Identify internal controls needs of construction companies

• Identify the mandates of ASU 2015-03

• Identify characteristics of ASU 2017-04

• Recognize the appropriate treatment of capitalized implementation costs under ASU 2018-15

• Recognize the topic covered by 2017-04

• Recognize the ASU that requires most leases to be capitalized on the balance sheet

• Recognize the ASU that simplifies the presentation of debt issuance costs

• Identify the ASU that provides technical corrections and improvements to financial instruments

• Identify the ASU that removed the requirement to disclose the amount and reason for transfers between Level 1 and Level 2

• Recognize the topic covered by ASU 2016-18

• Understand the key components and terminology of construction contracts as per ASC 606

• Identify revenue recognition methods for contractors under GAAP

• Recognize the importance and implications of indirect cost allocation in construction contracts

• Understand the significance of financial statement users in the construction industry