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.
Learning Objectives
- Recognize accounting and financial reporting standards relevant to construction contractors
Major Topics
- 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
