|As a financial statement preparer or auditor, it is essential to understand the unique operational, accounting, reporting, and auditing aspects of construction contractors and related companies. AICPA guidance provides background on the industry as well as interpretive information for both new and existing rules. AICPA publications provide information on recent developments, guidance, practice aids, and illustrative examples for the common accounting and audit practices in the construction industry and real estate ventures, including
- measuring extent of progress on construction contracts.
- accounting for contract costs and overhead.
- accounting for and reporting investments in joint ventures.
- auditing estimates surrounding revenue and cost recognition methods.