The construction industry is one of the most unique when it comes to being in compliance with the various accounting standards. This course examines the core knowledge necessary to succeed and the key issues impacting construction accounting. Find out what other new developments may mean for you, your company, or your clients. In addition, this course explores the relationship between the contractor and the surety. With construction comprising such a large portion of the economy and always growing, it is more important than ever for you to be on top of the very latest in accounting changes for the construction industry.
Note: This course does not address FASB ASC 606, Revenue from Contracts with Customers, or FASB ASC 842, Leases.
When you complete this course you will be able to:
• Recall key considerations regarding the construction industry and the players who take part.
• Identify key concepts related up-to-date GAAP accounting methods applicable to construction contractors.
• Recall the key portions of construction contractor financial statements. • Understand what a surety is and how they assist in the overall construction process.
• Types of contractors
• Non-revenue GAAP accounting for contractors
• Contractor financial statements
• Sureties and their place in the construction relationship
Practitioners and financial professionals in the construction industry