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This session will discuss the accounting for claims and unapproved change orders in construction contracts, including a discussion of the guidance in ASC 606: Revenue from Contracts with Customers, as well as the AICPA Engineering & Construction Contractors Revenue Recognition Task Force Chapter 11.3 Variable Consideration and Constraining Estimates of Variable Consideration. The session will also discuss the types of procedures auditors should perform to audit these subjective estimates.
Learning Objectives:
Recognize the requirements for companies to record revenue associated with unapproved change orders and claims
Use suggested audit steps to validate that the company has complied with the rules
Speaker(s):
Erin
P. Roberts,
CPA,
Partner, Global Engineering Construction Leader,
EY