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

Contract accounting

Revenue recognition

Leases

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.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jennifer Elder, Business Learning Institute

Leader Bios

Jennifer Elder, Business Learning Institute

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA is an executive coach who helps smart professionals transform from technically talented to strategically savvy. As a keynote speaker and trainer, she has presented her engaging and highly interactive sessions to over 15,000 people in all 50 states and 12 countries. Her clients include Home Depot, Campari, Experian, HP, Capgemini, and Oracle. She started her career in public accounting at a regional firm. She chaired the accounting department at a New Hampshire college and spent 15 years as a CFO in a variety of industries including homebuilding, technology, and insurance. In 2022, she received the Women Who Count award in education by the Accounting and Financial Women’s Alliance (AFWA). In 2018, Jennifer earned the designation of Certified Speaking Professional (CSP). Making her one of only 15 people worldwide who hold both the CPA and CSP designations. CPA Practice Advisor named her one of the Top 25 Women in Accounting in 2018. She received her BA from the University of Massachusetts and an MS in Organizational Management from Antioch University New England. She has been published by the Journal of Accountancy, FM Magazine, the National Association of Home Builders, Triple Pundit, and the Journal of Corporate Accounting and Finance.

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