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

Overview

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.

Prerequisites

None

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.

Highlights

Contract accounting Revenue recognition Leases