COVID-19 Audit Implications
Dec 7, 2021 1:10pm ‐ Dec 7, 2021 2:25pm
Identification: COR2118
Join us for a look at how auditing may be impacted through the lens of a construction and real estate auditor in a COVID environment. In addition, to understand different risks to auditing, it might be helpful to hear from clients. In this session you will also get first-hand perspectives of COVID impacts to the construction and real estate industry…from the client!
- Identify the correlation of operational disruption to the impact to the audit
- Describe the top audit risk areas in a COVID environment
- Review how clients reacted and pivoted, while ensuring audit procedures are still relevant
- Discuss lessons learned and look out post pandemic
Category: Concurrent Session Onsite and Online
Government Contracting for Construction Contractors – What to Expect
Dec 7, 2021 2:55pm ‐ Dec 7, 2021 4:10pm
Identification: COR2119
Federal government contract spending reached $682 billion in fiscal year 2020, which included $147 billion in federal contract dollars to small businesses. Government contracting provides an excellent revenue source for construction contractors, which likely will only increase with the recent passage of the Infrastructure Investment Jobs Act. This session will provide attendees with basic advice on how construction contractors can pursue potential opportunities for work in the government contracts marketplace and will also describe the compliance issues that contractors should be aware of when pursuing and conducting this work. The presenters (two CPAs and one attorney) have deep experience with several years of practice in the government contracts marketplace and will provide opportunities for questions and further discussion after the presentation content is completed
- Recognize the basic understanding of key regulatory requirements
- Describe basic government contracting environment
- Review basic accounting guidance for compliant government cost accounting practices
Category: Concurrent Session Onsite and Online
Analyzing a Contractor's Financial Statements
Dec 7, 2021 2:55pm ‐ Dec 7, 2021 4:10pm
Identification: COR2120
The financial statements of a contractor tell a story, the question is, what story are they telling? Management of a construction company need to understand how to analyze internally the financial statements but also understand how the outside world, such and banks, surety, and customers analyze the financial statements.
- Explain what should be included in contractor financial statements
- Describe management's analysis of the financial statements
- Explain how the outside parties analyze contractor financial statements in order to issue credit or award a project.
Category: Concurrent Session Onsite and Online
Construction Tax Panel
Dec 7, 2021 2:55pm ‐ Dec 7, 2021 4:10pm
Identification: COR2121
This session is an opportunity to interact with leaders in the construction tax arena. Attendees will gain:
A review of current trends and developments impacting the construction tax industry
Insights from a detailed discussion on tax topics presented in earlier sessions
The opportunity to participate in Q&A on topics important to their company and/or practice
- Identify and interact with leaders in the construction tax arena
- Review tax topics presented in earlier sessions to provide additional insights in a more detailed, in-depth format
Category: Concurrent Session Onsite and Online
Waterfalls
Dec 7, 2021 2:55pm ‐ Dec 7, 2021 4:10pm
Identification: COR2122
This session will provide an explanation for how economic sharing of profits, "waterfalls" are considered in setting up a deal. Examples will be provided. Attendees will learn the rational/thought process behind how they are set up, along with the accounting treatment of the waterfall.
- Describe the business objectives and economics of waterfalls
- Discuss the framework and structure of waterfalls
Category: Concurrent Session Onsite and Online
ASC 842 Update - Lease complexities in business combinations and impairment reminders
Dec 7, 2021 2:55pm ‐ Dec 7, 2021 4:10pm
Identification: COR2123
Hear from Ernst & Young accounting and valuation experts on the complexities that can arise from acquiring leases as part of a business combination. This session will include some basic ASC 842 reminders and will delve deep into the related purchase accounting rules, areas of optionality, and accounting and valuation intricacies that will help prepare you for your next deal.
- Describe the technical accounting requirements of ASC 842 as it relates to ASC 805
- Recognize best practices for accounting for leases in business combinations
- Identify the key points of intersection between accounting and valuation as it relates to acquired leases
Category: Concurrent Session Onsite and Online
Building Financial Success with Cloud Construction Technology Sponsored by Sage
Dec 8, 2021 7:00am ‐ Dec 8, 2021 7:50am
Identification: COR2124
Join us to discover the secrets to delivering effective job cost accounting to enable both construction finance and project teams alike. Driven by knowledge gained over the course of decades of delivering construction accounting and operational solutions, we’ll focus on adapting time-tested workflows and best practices into a modern cloud-based construction accounting solution.
Category: Concurrent Session Onsite and Online
Catching Up on Commercial Real Estate: Top Depreciation Strategies for TY 2021 - Sponsored by Capstan
Dec 8, 2021 7:00am ‐ Dec 8, 2021 7:50am
Identification: COR2125
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) corrected the recovery period of Qualified Improvement Property (QIP) to 15-year. This has tremendous implications and will play a large role in a modern comprehensive tax strategy. In this session we will examine the historical treatment of Qualified Property Categories and focus on the current status of QIP under the CARES Act. We will also explore other strategies that may be part of a comprehensive tax strategy and will discuss a strategic hierarchy for employing those strategies most successfully. Relevant Rev. Procs. and several real-life case studies will be reviewed.
- Explain the history of Qualified Property Categories.
- Explain the implications of the CARES Act’s correction of QIP recovery period.
- Describe how to incorporate retroactive CARES Act changes into past returns.
- Recognize the value of QIP as an indicator of Section 179-eligible property.
Category: Concurrent Session Onsite and Online
The Importance of CPM for Construction Financial Professionals
Dec 8, 2021 8:05am ‐ Dec 8, 2021 8:55am
Identification: COR2126
Over the past decade, the construction industry has become well populated with project management software. But one critical aspect of construction has been largely overlooked when it comes to ConTech - the financial office. Collaboration, timely and accurate receipt of information, and cross-platform integration within the financial operations of contractors have remained a predominantly manual (excel-driven) exercise, resulting in frustration among all parties. Corporate Performance Management (CPM) built specifically for construction financial professionals is not just improving, but revolutionizing financial operations. In this session, attendees will learn what CPM is (and isn't), how to evaluate and select a CPM platform, review use cases, and discuss how to determine ROI
- Distinguish CPM for construction and how it can positively impact financial operations
- Distinguish the components of CPM and how it relates and interacts with other construction technology, and best practices for evaluation and selection of a CPM platform
Category: General Session Onsite and Online
Real Estate Tax Legislation: Update and Outlook
Dec 8, 2021 8:05am ‐ Dec 8, 2021 8:55am
Identification: COR2127
This session will review and analyze recent developments related to real estate and partnership tax legislation, including pending proposals and their likelihood of enactment. The discussion will assess the potential consequences of recent and proposed tax legislation for real estate assets, investment, and ownership. In addition, the session will consider the outlook and prospects for major changes in tax policy going forward that could impact real estate in the years ahead.
- Discuss recent and proposed real estate-related tax legislation, including prospects for enactment
- Illustrate the potential economic and other consequences of the pending tax policy proposals
Category: General Session Onsite and Online