Construction Contractors: Critical Accounting, Auditing, and Tax Issues
Online
8.00 Credits
Member Price $289.00
Price will increase by $35 after 5/22
Non-Member Price $414.00
Price will increase by $35 after 5/22
Overview
Accounting and financial reporting for construction contractors may be the most difficult area to comply with the various standards. Construction engagements are, in many instances, more complicated 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 is so complex and examine the relationship between the contractor and the surety, both from an underwriting and a claims perspective. We will also explore what the surety looks for to maximize potential bond credit and discuss key areas of tax compliance concentrating on the areas that make construction unique.
Objectives
- Recognize accounting and financial reporting standards relevant to construction contractors
- Identify how to effectively audit and perform review engagements for construction clients according to the standards
- Understand 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
- FASB ASC 606 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
- Ongoing and new tax issues for construction contractors
- Going concern disclosures and their importance to the construction industry
- FASB ASC 842 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 providing service to construction clients
Preparation
None
Notice
To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange "Launch Event" button.
Leader(s):
Leader Bios
Robert Wells, Surgent McCoy CPE, LLC
Robert “Wayne” Wells has 50 years of experience in public accounting and annually instructs numerous continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigations, and tax services to small- and medium-sized businesses as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970 with a Bachelor of Science degree in Accounting and Economics. He holds a Certified Public Accountant certificate in Tennessee and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and an Outstanding Discussion Leader Award presented by Surgent.
Non-Member Price $414.00
Member Price $289.00