Construction Contractors: Non-Revenue and Non-Lease Accounting Considerations WEBCAST
Overview
The construction industry stands out in its need to adhere to diverse accounting standards. This course explores the essential knowledge required for success in construction accounting, and the key issues influencing this field. You’ll discover the implications of recent developments for yourself, your business, or your clients. In addition, you’ll examine the relationship between contractors and sureties. Given the construction industry’s significant and ever-expanding share of the economy, staying up to date with the latest accounting updates in this sector is critical. Note: This course does not address FASB ASC 606, Revenue from Contracts with Customers, or FASB ASC 842, Leases.
Highlights
Types of contractors. Non-revenue GAAP accounting for contractors. Contractor financial statements. Sureties and their place in the construction relationship.
Prerequisites
None.
Designed For
New staff to experienced staff with construction clients.
Objectives
Recognize select characteristics that are unique to the construction industry and that have accounting, audit, tax, or consulting consequences. Identify the components of job costs incurred, the common categories into which the costs are divided, and the impact of both direct and indirect costs on the contractor. Recall the unique supplementary information normally included in the financial statements of a construction contractor. Identify the various financial benchmarks a surety or surety agent might analyze in a contractor’s financial statements to determine the amount of the contractor’s surety credit.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Jeffrey Lieman, Lieman Associates LLC
Jeff Lieman currently heads his own consulting firm in Owings Mills, Maryland. He provides consulting services, contractual assistance services, and training to CPAs, their firms and their clients on matters related to US and international accounting principles, auditing standards, governmental auditing standards, and business planning services. Jeff’s previous experience included serving as the Chief Financial Examiner for the Maryland Insurance Administration and being a Director for Ellin & Tucker, Chartered. As the Chief Financial Examiner, Jeff was responsible for the solvency examination of the Maryland domestic insurance companies. While Jeff was a Director for Ellin & Tucker, Chartered, he developed two new niche areas for the firm and supervised numerous audit service engagements. Jeff trained staff in many areas of accounting, administration and consulting and provided training services on a national level to other organizations. He reviewed numerous accounting systems and assisted in the selection and implementation of automated systems, helped develop policies and procedures for technology usage, work paper development, administrative procedures and other office policies, and also provided Peer Review Services (SEC section). Jeff also served as a Senior Manager with KPMG/Baltimore. At KPMG he maintained client relations, marketed audit, tax and consulting services, and managed audit related services for publicly traded and privately held entities. His clients have included real estate ventures, printing and publishing companies, electronic manufacturers, wholesale distributors, retail stores, financial institutions, construction contractors, Governmental units, and various nonprofit organizations. Mr. Lieman has been a national trainer for KPMG where he developed training materials for staff and instructors and is recognized nationally as a lecturer for various accounting, auditing and technology topics and has been quoted in various trade journals. He was elected Chairman of the Year by the Maryland Association of CPAs for chairmanship of the Computer Resources Committee.
Non-Member Price $210.00
Member Price $185.00