Construction Contractors: Critical Accounting, Auditing, and Tax Issues

Overview

Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Construction engagements are, in many instances, more “dangerous” than most lines of business due to the many users of the financial statements. In this course, we will discuss why construction accounting and financial reporting are so complex and discuss the relationship between the contractor and the surety, both from an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit, and we will discuss key areas of tax compliance concentrating on those areas which make construction unique, including the impact of recent tax legislation.

Objectives

Apply accounting and financial reporting standards to construction contractors

Perform audit and review engagements for construction clients according to the Standards as efficiently and effectively as possible

Identify tax compliance issues unique to the construction industry and apply the latest changes

Highlights

Overall landscape of the construction industry

GAAP and recent changes affecting the construction industry

The Revenue Recognition Standard and its impact on the construction industry

Unique audit and review issues with construction contractors

The unique relationship between the contractor and the surety

Tax compliance issues facing construction contractors, including CTA reporting

Ongoing and new tax issues for construction contractors

Going concern disclosures and their importance to the construction industry

The lease FASB ASC and its impact on the construction industry

Designed For

Practitioners who have construction clients and professionals in the construction industry who need to be up to date on the latest information

Prerequisites

Previous experience in the construction industry or in providing service to construction clients

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Robert Wells, Surgent McCoy CPE, LLC

Leader Bios

Robert Wells, Surgent McCoy CPE, LLC

Robert “Wayne” Wells has 50 years of experience in public accounting and annually instructs numerous continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigations, and tax services to small- and medium-sized businesses as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970 with a Bachelor of Science degree in Accounting and Economics. He holds a Certified Public Accountant certificate in Tennessee and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and an Outstanding Discussion Leader Award presented by Surgent.

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