AICPA Construction and Real Estate Conference 2020

This includes sessions from the conference: AICPA Construction and Real Estate Conference 2020

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Real Estate and Economic Outlook

Identification: COR2003

This session will explore the future of real estate as the presenters walk through the recently released Emerging Trends in Real Estate 2021, to be presented by PwC Partner Courtney Sargent. Following the reveal of the report's findings, Courtney will sit down ( virtually ) with Mitch Roschelle, the Founding Partner of Macro Trends Advisors, for a lively and interactive discussion of the economic, policy and political landscape ahead, and how the same may influence the real estate estate asset class. 

• Mitchell Roschelle, CPA, Managing Partner, Macro Trends Advisors LLC
• Courtney Sargent, Partner, PwC

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Mitigating Risk: COVID-19

Identification: COR2002

Managing the COVID-19 crisis has consumed a significant amount of management attention during 2020. Hear from construction industry finance executives about how they have navigated these unprecedented times, including what immediate actions were taken, how they have adapted their organizations to address remote working conditions, and how they are implementing strategic changes to take advantage of opportunities to build a more resilient enterprise for the future.

Learning objectives:

• Understand the immediate actions taken to ensure the workforce remained safe and productive
• Learn how these companies are addressing remote working conditions
• Understand how strategies can be implemented to build a resilient enterprise

• Erin P. Roberts, CPA, Partner, Global Engineering & Construction Leader, EY
• Mr. Timothy M. Love, CPA, CGMA, SVP & Corp Controller, MasTec, Inc.
• Carl Franseen, CPA, CFO, United Infrastructure Group, Inc.
• David Allison, CPA, CCIFP, Crossland

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WIP Deep Dive: Analytics & Communication from the Inside Out

Identification: COR2004

Have you ever thought of using analytics based upon your Work in Process Schedule to provide insights to your company? Have you ever used them to make strategic job-related decisions in your business? Both are critical to the success of every contractor. In this interactive session we will analyze WIP schedules and job results based upon the world and characters of some classic sitcom series, including the greatest show ever about nothing. 

This session will review different methods and criteria to sort and analyze your WIP and will engage attendees to share their insights. In addition, we will discuss best practices to communicate observations to your inside team as well as outside users of your financial statements in an effective manner.

• Richard King, CPA, CGMA, CFO, Schlouch Incorporated
• Scott P. Rooney, AFSB, Client Executive - Surety, Marsh & McLennan Agency

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Impairment

Identification: COR2005

During 2020, many organizations including the SEC and the FASB have been talking about the economic risks of the COVID-19 pandemic. Among the economic risks it is always noted that each business should pay special attention to impairment indicators and calculations. External auditors also appear to be interested in more comprehensive assessments. This session will put context around the following questions and prepare business leaders to broadly understand how extensive this issue can be:

1. Aside from goodwill and intangibles, what assets should be considered for impairment?
2. What asset impairment process is required for various kinds of contractor assets?
3. How do I determine fair value, and what are the GAAP and theoretical requirements around valuation?
4. How do I avoid pitfalls in the impairment process?

• Edward G. Lee, Senior Advisor, Duff & Phelps LLC
• Mr. Timothy M. Love, CPA, CGMA, SVP & Corp Controller, MasTec, Inc.

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Tax Update

Identification: COR2006

This session will provide a business and individual tax update including the CARES Act and current legislative environment as it pertains to the contractor as well as insight for pre-year-end tax planning for a Construction Company. Planning insures that the Company is looking at all opportunities and taking advantage of available income tax methods. We will also discuss some forward looking aspects regarding future potential income tax policy.

Participants will gain insight which will allow them to discuss and provide timely and meaningful recommendations to their Company or contractor clients. 

This session will provide a proactive approach and allow attendees to leave with a game plan for their Company or contractor clients.

• Barry A. Fischman, CPA, Partner, Marcum LLP

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Retail - State of the Market, Accounting Implications, and Tax Implications

Identification: COR2007

Retail real estate is one of the most effected real estate sectors since the outbreak of Covid 19. 

In this session, panelists will: 

1. Describe the 2020 state of the retail real estate market and the accounting implications of Right of Use Asset Impairment. 

2. Discuss retail real estate and Abercrombie as a major retail tenant describe the most unusual year that is 2020.

• Michael Straneva, CPA, Partner, EY
• John Caulfield, CPA, Chief Financial Officer, Phillips Edison & Company
• Brian McGlynn, Managing Director,Investments, CIM Group
• Joseph Frericks, VP Finance, Corporate Controller, Abercrombie & Fitch

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Right-of-use (ROU) Asset Impairment Hot Topics - Accounting and Fair Value Considerations

Identification: COR2008

This session will provide:

-An overview of the ROU asset impairment model.

-A deep dive into the complexities of evaluating ROU assets for impairment.

-A framework for determining whether and when ROU assets are abandoned for accounting purposes.

-A discussion of valuation challenges in the current, low-transaction environment.

-A discussion of actions that lessees are taking in the current environment to rationalize its lease portfolio (e.g., lease restructuring and termination, subleasing)

• Marteen Bryant, Senior Manager, Financial Accounting Advisory Services, EY
• Jeremy Simons, Partner, Technical Accounting Advisory Group (TAAG), EY
• Joanna Acosta, Senior Manager, EY

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Advanced Accounting and Financial Statement Topics

Identification: COR2010

During this session, the speaker will discuss key topics impacting accounting and financial reporting for construction contractors.

• Russell J. Rigler, CPA, Principal, CLA
• James W. Miller, CPA, CCIFP, Partner, Marcum LLP

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Why Construction Contractors Fail and How to Turn Around a Troubled Contractor

Identification: COR2009

The construction arena is very volatile and subject to extreme reactions to the economy and various external and internal factors. A good or uncertain economy provides a contractor an equal opportunity to fail, just through different means.

This session aims to provide participants the knowledge on how to:

• Identify primary causes for contractor failure
• Identify problems and warning signs
• Assess where the company is in the process of failure and or recovery
• Formulate a plan and process for recovery
• Implement recovery plan
• Review case studies

• Recognize the primary causes for contractor failures
• Understand how to identify warning signs
• Implement the process for recovery

• Anthony S. Ivener, CPA, CGMA, President, Ivener Management Group
• Timothy Cummins, CPA, CCIFP, Partner, Construction Industry Services Group, Aronson LLC

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606: Lessons Learned

Identification: COR2014

This session will cover:

- Topic 606 Revenue from Contracts with Customers lessons learned - Year two considerations

• Michael A. Westervelt, CPA, Principal - National Assurance, Construction, CLA