Construction Contractors: Accounting and Financial Reporting Issues (CST4)
4.00 Credits
Member Price $175
Non-Member Price $225
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.
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
- The unique relationship between the contractor and the surety
- FASB ASC 842 and its impact on the construction industry
Prerequisites
Previous experience in the construction industry or 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
Recognize accounting and financial reporting standards relevant to construction contractors
Preparation
None
Leader(s):
Leader Bios
Wayne Wells, American Institute of CPAs
Robert Wayne Wells, CPA, CFE graduated from Austin Peay State University in Clarksville, Tennessee in 1970, with a Bachelor of Science Degree in Accounting and Economics. Mr. Wells began his career in public accounting in 1970 with the national firm of what was then Touche, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local accounting firm in Nashville. This firm provided accounting, auditing and tax services to small and medium size businesses as well as extensive tax services to individuals. After a total of over 40 years experience, he is today a Principal with Blankenship CPA Group, PLLC in Brentwood, Tennessee. Mr. Wells has conducted numerous seminars in accounting, auditing, and taxation. He holds a Certified Public Accountant certificate in Tennessee, and is also a Certified Fraud Examiner. Mr. Wells is a member of the Tennessee Society of Certified Public Accountants, the American Institute of Certified Public Accountants, the Tennessee Association of Accountants, and the Association of Certified Fraud Examiners.
Non-Member Price $225
Member Price $175