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Tuesday, December 3, 2024 Live Webcast

Construction Contractors: Critical Accounting, Auditing, and Tax Issues (E2412703)

9:00 AM - 4:30 PM EST

Registration: 8:45 AM EST

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

Thomas Sheets

Thomas M. Sheets, CPA

Randall & Brownlee, Inc.

Thomas M. Sheets, CPA Individual Practitioner/Enid, Oklahoma Tom Sheets is a certified public accountant with over 40 years’ experience in auditing, accounting, and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 25 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma, and then was with a large local CPA firm in Enid, Oklahoma, for 15 years. He has written and led seminars for leading providers of CPE for over 35 years on various topics including real estate accounting, construction accounting and tax, fraud in small businesses, tax issues for nonprofit organizations, preparation, compilation and review engagements, special purpose framework financial statements, and accounting and auditing updates.

PRICING

$299.00 - Member

$449.00 - Nonmember

Register Today


Note: Online pre-registration will close on December 3 at 8:30 AM.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent