Construction Contractors: Non-Revenue and Non-Lease Accounting Considerations

Construction accounting is not just about revenue

Although contract accounting deals with revenue, the other items on the financial statements are just as important and they should not be neglected. There are also items that may not be on financial statements, but do have an effect on the day-to-day operations.

While working with contractors, you'll probably come across surety bonds. When a project owner works with contractors, a surety bond gives the project owner a financial guarantee the work of the contractor will be done according to the contract.

In this webcast, you will

• Listen to a detailed discussion of the contractor environment and the players in the industry
• Review how costs are allocated
• Learn a revised set of illustrative financial statements and footnotes
• Understand what it means to work with a surety

Key Topics

• Up-to-date GAAP and private company accounting guidance, including contract revenue recognition
• Illustrative financial statements
• Working with a surety
• Job costs

Learning Outcomes

• 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.
• Recall the demands of a surety and how a surety helps the contractor and the owner.
• Select the proper form and content for the revised auditor’s report.

Who Will Benefit

• Accountants of all abilities who work with construction clients