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 COVID-19 on the construction industry.

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 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

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. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Thomas Sheets

Leader Bios

Thomas Sheets

Thomas M. Sheets, CPA Tom Sheets is a Certified Public Accountant with over 35 years’ experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 19 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 29 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.

Return to Top