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Construction industry accounting is a unique field and there are many resources available. The AICPA offers two of the most used: the A&A Guide for Construction Contractors, and the Real Estate and Construction Industry Developments Audit Risk Alert. The Guide offers guidance on recent developments while the Alert focuses on current and emerging issues. Using an illustrated sample of a contractor’s financial statements, we will discuss various examples, including:
Independent auditor’s report
Consolidated balance sheets, statement of income
Notes to consolidated financial statements with an emphasis on items unique to the industry
