Construction Contractors: Critical Accounting, Auditing, and Tax Issues
Fairmont
8.00 Credits
Member Price $350.00
Non-Member Price $400.00
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.
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
Leader(s):
Leader Bios
Rebecca Lee
Rebecca Lee, CPA, licensed in Alabama and South Carolina, is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.
Non-Member Price $400.00
Member Price $350.00