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Monday, August 26, 2024 Live Webcast

Construction Contractors: Critical Accounting, Auditing, and Tax Issues (E2408123)

9:00 AM - 4:30 PM EDT

Registration: 8:30 AM EDT

webcast

Vendor Platform

6 CPE Credits in AA
2 CPE Credits in TX

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.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

Practitioners who have construction clients and professionals in the construction industry who need to be up-to-date on the latest information.

BENEFITS

  • 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
  • Identify tax compliance issues unique to the construction industry and apply the latest changes

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
  • Going concern disclosures and their importance to the construction industry
  • The new lease FASB ASU and its impact on the construction industry

COURSE LEVEL

Intermediate

PREREQUISITES

Previous experience in the construction industry or in providing service to construction clients.

ADVANCE PREPARATION

None

INSTRUCTOR

Daryl Krause

Daryl G. Krause, CPA

AICPA/Professional Development Institute

Daryl G. Krause, CPA DG Krause LLC / Indianapolis, Indiana

Mr. Krause has CPA certifications in several Midwestern states. He practices public accounting as manager and CEO of his regional CPA firm, DG Krause LLC, headquartered in Indianapolis, Indiana. Founded by Daryl in 2005, DG Krause LLC has been a member of the AICPA’s Employee Benefit Plan Audit Quality Center since 2005 and performs employee benefit plan audit services, for which Daryl serves as the sign-off partner. Since 2008, Daryl has been a frequent CPE program leader/facilitator for the AICPA, Surgent, the Ohio Society of CPAs, the Indiana CPA Society, and other state societies throughout the United States, as well as for in-house programs sponsored by firms and organizations. He was recognized as a Surgent Outstanding Discussion Leader during the 2020 and 2018 CPE seasons. He has performed technical reviews during the development of certain AICPA CPE programs. He has been periodically chosen to instruct CPE programs for the AICPA’s own professional staff. He has been the author (and webcast presenter for the 8-hour program) of the AICPA’s primary 8- and 4-hour CPE programs Leases: Mastering the New FASB Requirements and The Bottom Line on the New Lease Accounting Requirements for each year since 2018. He is the author and webcast presenter of the AICPA’s Conducting a Remote Audit 4-hour CPE program. He is a contributing author to the AICPA’s CPE Direct Journal of Accountancy quarterly materials. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served as an auditor included manufacturing, construction, real estate, and financial services. Roles included Ohio Valley Area Director of Employee Benefit Plan Services (in which he was responsible for overseeing the audit services provided to over 500 ERISA employee benefit plans each year for an eight-year period) and senior manager in the Entrepreneurial Services group. As a senior manager in EY’s National Professional Development group for a five-year period, he was involved in designing, developing, and delivering core curriculum Audit and Entrepreneurial Services CPE training programs for the entire U.S. practice. Mr. Krause holds a Bachelor of Business Administration degree in accounting from the University of Wisconsin-Oshkosh.

PRICING

$299.00 - Member

$449.00 - Nonmember

Register Today


Note: Online pre-registration will close on August 26 at 8:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent