Audit and Accounting Guide: Construction Contractors, 2019

  • 6h 39m
  • John Wiley & Sons (US)
  • 2019

The construction industry has seen significant changes in the past couple years. Whether you are in public accounting, performing assurance services, or operate in the industry, this guide has the information you need to perform at your best. Considered the construction industry standard resource, this 2019 edition features new accounting information and new auditing considerations, particularly with regards to considerations for FASB ASC 606. This guide is an indispensable reference document packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification.

From simple accounting to joint venture creation, this edition takes a deep dive into industry specific auditing procedures. Topics include:

  • Practical tips and industry specific guidance;
  • A detailed look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers, including new auditing considerations;
  • An up-to-date look at the details of FASB ASU No. 2016-02, Leases

About the Author

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.

In this Book

  • Industry Background
  • Accounting for Revenue from Contracts with Customers
  • Accounting for and Reporting Investments in Construction Joint Ventures
  • Financial Reporting by Affiliated Entities
  • Other Accounting Considerations
  • Financial Statement Presentation
  • Auditing Within the Construction Industry
  • Controls in the Construction Industry
  • Planning the Audit, Assessing and Responding to Audit Risk, and Additional Auditing Considerations
  • Major Auditing Procedures for Contractors
  • Other Audit Considerations
  • Consideration of Fraud in a Financial Statement