Contract Accounting, Lease Accounting, and their Impact on Construction Contractors

Overview

Construction contracts and leases that contractors enter into are some of the most difficult items encountered by auditors. This course focuses solely on these two issues to ensure you are prepared.

Construction accounting is not just about revenue, but it is a lot about revenue. Leases too. Diving deep into the five-step approach for revenue recognition in the construction industry, this course has all of the rules and interpretations that you might need. Further, practical examples help to drive home the learning. Additionally, leases are critical for contractors. From equipment to warehouse space, leases appear prominently on many contractors’ book. Review the current guidance and begin to understand the new guidance under ASC 842.

Program features:

Detailed discussion of the guidance under FASB ASC 606, Revenue from Contracts with Customers.

Examples and exercises to understand the five-step recognition process.

Detailed discussion of the guidance under FASB ASC 842, Leases.

Reasons why leases are so important to contractors.

A walkthrough of both current and future lease guidance.

Course Instructor: Jennifer H Elder

Highlights

Contract accounting

Revenue recognition

Leases

Prerequisites

None

Designed For

Auditors of construction contractors.

New staff auditors with responsibilities in the construction sector.

Objectives

Identify techniques to provide efficient, high-quality audit and accounting services to construction clients.
Recall up-to-date GAAP accounting methods applicable to construction contractors, contracts, revenue and leases.
Identify significant accounting considerations for construction contractors.
Recall considerations of auditors when servicing construction contractors.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.