Construction Contractors: Critical Accounting, Auditing, and Tax Issues

Overview

You could pay $0 for this course!

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 COVID-19 on the construction industry.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course to be eligible. The course code for this program is C-3021. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Overall landscape of the construction industry GAAP and recent changes affecting the construction industry The new 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 Tax opportunities created by the Inflation Reduction Act of 2022 Going concern disclosures and their importance to the construction industry The new lease FASB ASC and its impact on the construction industry

Prerequisites

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

Designed For

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

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