Construction Industry Accounting & Financial Reporting Webinar
Overview
Accountants and practitioners in the construction industry face unique challenges, especially with financial reporting of multi-year projects. How do you accurately compute expenses incurred to date, project final expenses and assess how change orders impact profitability? This webinar presents best practices for resolving these and other questions including:
- How should contracts be reported on an interim and annual basis?
- How is the percentage of completion computed?
- How are contract losses treated?
- How do tax rules differ from GAAP?
Objective
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.
Emphasis
- Overview of accounting and financial reporting issues (ASC 910)
- How to avoid problems that can impair financing and bonding
- GAAP/tax differences
- Methods allowed by GAAP
- Percentage of completion calculation
- Revenue recognition on long-term construction projects
- Accounting for change orders and claims
- Accounting for contract changes and contract "fade"
- Job costing
- Job schedules in financial statements
- Analysis of working capital
- Overhead allocation
- Calculating and reporting deferred taxes
- Implementation of ASC 810 (FIN 46R) and ASC 740 (FIN 48)
- Examples and case studies
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