Contract Accounting and Lease Accounting and Their Impact on Construction Contractors

Description

One of the most difficult and important concepts in the construction industry is accounting for revenue. It is likely the most important. Not far behind, leases. This course focuses on both.
With FASB Accounting Standards Codification® (ASC) 606, Revenue from Contracts with Customers, now in full effect, you need to understand the differences from previous recognition methods for contractors. The nuances and new concepts are critical for proper recognition. Take a deep dive into each of the five steps of revenue recognition from contracting to recognizing revenue. Understand what revenue is and how it is earned.
FASB ASC 842, Leases, also is critical for contractors. Many contractors lease equipment, warehouse space, other tools, etc. The new leasing model puts leases on the balance sheet. This is a significant change from the prior model. Work through the new guidance and follow examples to understand why and how to record a lease and its related expense.

Learning Objectives

Recall the details in the accounting for construction contracts in FASB ASC 606, Revenue from Contracts with Customers, including the appropriate accounting alternatives for construction-type contracts.
• Recall the details in the accounting for leases in accordance with FASB ASC 842, Leases.

Major Topics

Five-step process for revenue recognition
• Retainage
• Contract acquisition costs
• Disclosures
• Leases

Provider
AICPA
Course Level
Basic
Professional Area of Focus
Accounting and Auditing
Accounting & Auditing
CPE Field of Study
Accounting
2
Who Should Attend

Practitioners conducting audits of construction contractors

Instructor(s)
Wayne Wells
Prerequisites

None

Advanced Preparation

None

Location
LIVE-ONLINE Webcast
Event Information
When
Oct 7, 2022
12:00 pm - 2:00 pm EDT
Location
LIVE-ONLINE Webcast
Total CPE Credits
2
Format
Live Webcast

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Contract Accounting and Lease Accounting and Their Impact on Construction Contractors


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