Contract Accounting and Lease Accounting and Their Impact on Construction Contractors
Construction contracts and leases for contractors are some of the most difficult items encountered by auditors. Get the tools you need before your next audit.
Format
Webcast
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
1.5
Author(s)
Jennifer H. Elder
Availability
Product Number
VCCREVL22070
Construct a solid audit for contractors
Dive deep into the five-step approach for revenue recognition in the construction industry and learn through practical examples the rules and interpretations that you might need.
Leases are critical for contractors — from equipment to warehouse space, leases appear prominently on many contractors’ books — so we’ll review the current guidance and the new guidance under ASC 842.
In this webcast, you will:
- Hear a detailed discussion of the guidance under FASB ASC 606, Revenue from Contracts with Customers
- Identify and understand the items within the five-step recognition process
- Seek better understanding of the guidance under FASB ASC 842, Leases
- Learn why leases are so important to contractors
- Understand both current and future lease guidance
Key Topics
- Contract accounting
- Revenue recognition
- Leases
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, contracts, revenue, and leases.
- Identify significant accounting considerations for construction contractors.
- Recall considerations of auditors when servicing construction contractors.
Who Will Benefit
- Auditors of construction contractors
- New staff auditors with responsibilities in the construction sector
Group ordering for your team
2 to 5 registrants
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