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This session will provide an understanding of the basic fundamental concepts of construction accounting and auditing.
Learning Objectives:
Explain the on accounting for construction contracts, including change orders and job cost allocations.
Describe incorporating Topic 606 (revenue recognition) incorporation by identifying the key inputs, measures, constraints, and other items needed to properly account for contracts.
Recognize how to audit construction contractors, including risk assessments, understanding risks associated with construction contractors, and what we’ve learned from auditing Topic 606.
Identify key accounting and financial statement issues facing construction contractors and apply best practice considerations.