This course covers authoritative GAAP for construction contractors as addressed in FASB ASC 910 and the AICPA Guide for Construction Contractors. Jeff explains the unique aspects of accounting within the construction industry and how the applicable standards and guidance address those issues. The course includes practical examples to support understanding of key concepts, including revenue recognition and contract-related issues. Jeff presents the material in an engaging manner to help reinforce learning and maintain focus.
Learning Objectives
At the end of this course, you will be able to: Describe key issues related to construction accounting Identify revenue recognition methods for construction contracts Recognize percentage of completion and completed contract methods Identify accounting considerations for contract modifications Describe issues related to contract costs and allocation Recognize complex issues in construction contract accounting
Major Topics
Overview of FASB ASC 910 AICPA guidance for construction contractors Industry specific accounting considerations Revenue recognition methods Percentage of completion method Completed contract method Contract modifications Contract costs and allocation Complex accounting issues in construction
