Construction Contractors: Accounting and Auditing
AICPA
1. Edition August 2020
224 Pages, Softcover
Wiley & Sons Ltd
With construction activity increasing and significant changes to the revenue recognition model, it is more important than ever for accountants and financial managers to be on top of the very latest in accounting and auditing changes for the construction industry. This guide examines the most recent updates and key issues impacting construction accounting and auditing. It covers new changes as a result of FASB ASU 2014-09, it also explores the relationship between the contractor and the surety.
Chapter 1 1-1
Nature of the Construction Industry 1-1
The construction process 1-7
Characteristics unique to contractors 1-11
Chapter 2 2-1
Significant Changes - Contract Accounting and Lease Accounting 2-1
Chapter 3 3-1
Financial Statements for the Contractor 3-1
Chapter 4 4-1
Working With a Surety 4-1
Chapter 5 5-1
Audit Planning and Risk Assessment Procedures 5-1
Appendix 5A: Job History Reports Chapter 5, A-1
Chapter 6 6-1
Substantive Auditing Procedures 6-1
Chapter 7 7-1
Other Auditing Considerations 7-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 3
Chapter 3 Solutions 5
Chapter 4 Solutions 6
Chapter 5 Solutions 8
Chapter 6 Solutions 10
Chapter 7 Solutions 1
Robert Mercado is a Partner in the Assurance Services division and serves as the New England Regional Construction Leader of Marcum LLP. He has more than 25 years of experience conducting, reviewing, and analyzing financial information for construction contractors, manufacturers, and service corporations. As a Certified Construction Industry Financial Professional, Mercado has an expertise in troubleshooting problem job performance for construction projects and recommending practices to enhance profitability. In addition, he is knowledgeable with systems analysis and with the tailoring of accounting software to meet clients' needs. He is a frequent speaker on accounting and auditing matters for construction companies, industry organizations and professional development courses. He has been acknowledged in several publications of the AICPA's Audit and Accounting Guide: Construction Contractors and AICPA's Audit Risk Alert: Real Estate and Construction Industry Developments.