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.
Highlights
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.
Leader(s):
Leader Bios
Jennifer Elder, Business Learning Institute Inc
Jennifer Elder specializes in making the financially complicated simple, awesomely simple. She has seen all sides of the accounting profession starting in public accounting, was an Accounting Department Chair, and CFO in the private sector. She has worked in manufacturing and distribution, residential construction and development, software development, and angel investing. She is also involved in non-profits, sitting on the Board of Directors of Rude Ranch Animal Rescue. Jennifer is currently President of The Sustainable CFO, helping business owners, executives, and CPAs enhance their success skills and find that elusive work-life balance. She also assists businesses in developing a strategy for integrating sustainability into strategic plans and day-to-day operations. In addition, Jennifer teaches finance at Antioch University New England, is a trainer with the AICPA and Business Learning Institute, and is a contributing writer for TriplePundit. When it comes to instruction, Jennifer believes that in order for training to be effective it must be: approachable, applicable, interactive, and interesting. She focuses on finding the essence of a topic, explaining so that it can be understood at all levels, illustrates with real-life examples, creates opportunities to apply the knowledge, and does it with an infectious enthusiasm. Her goal is to ensure that everyone walks away with something they can use and apply immediately.
Non-Member Price $158.00
Member Price $114.00