Construction Accounting: A Practitioner’s Guide ON DEMAND
Available Until
Your Desk
11.0 Credits
Member Price $308.00
Non-Member Price $354.00
Overview
This course is the essential construction company accounting guide for professionals in the construction industry to master the unique accounting principles applicable to their field. This course is tailored to impart both theoretical knowledge and practical skills in managing the intricate financial aspects of construction projects. Participants in this course will benefit from a thorough understanding of the various types of bonds required for contractors, the intricacies of construction contract clauses, and the causes of contract claims. The class covers the use of different ledgers in construction accounting and the components of a work breakdown structure, enabling participants to organize and manage financial data effectively. Our course also provides insights into revenue recognition in contracts, including the criteria for contract existence and the methods used to determine contract prices. Additionally, the course explores accurate accounting for pre-contract costs, the application of various depreciation methods, and the handling of fixed assets. Importantly, it addresses the specific IRS rules and requirements relevant to construction accounting, aiding in compliance and efficient financial management. By completing this course, participants will be equipped with the skills to implement robust accounting systems in their construction businesses, enhancing financial accuracy and compliance.
Highlights
Construction industry overview. Construction accounting system. Construction-specific accounting. Construction transactions. Construction financial statements. Fixed asset accounting. Payable accounting. Debt accounting. Contingencies. Lease accounting. Payroll accounting. Investments in construction joint ventures. Construction tax issues. Construction accounting controls. Job analysis. Business structures.
Prerequisites
None.
Designed For
CPAs, auditors, consultants, and financial and managerial professionals.
Objectives
Recognize the types of bonds that a contractor may be required to post. Cite the different types of clauses that may be added to a construction contract. Specify the various causes of contract claims. Specify the types of financial difficulties to which the construction industry is subjected. Identify the different types of ledgers used by a construction company. Specify the components of a work breakdown structure. Recognize the types of accounts most likely to be designated as control accounts by a contractor, and more.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $354.00
Member Price $308.00