This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com
DESIGNED FOR
Accounting professionals working with or advising construction contractors
BENEFITS
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
HIGHLIGHTS
- 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
PREREQUISITES
Basic Accounting
ADVANCE PREPARATION
None