This four-hour morning program explains and illustrates special accounting and auditing issues related to the construction industry, contractor specific disclosure rules, and current accounting and auditing developments. It includes the new revenue recognition and lease standards as well as up-to-date guidance from the AICPA's Transition Resource Group.


Participants will be able to:

  • Understand the definition of "long term contract"
  • Present a contractor's financial information in accordance with U.S. GAAP Topic 606-Revenue from Contracts With Customers
  • Calculate work in process schedules
  • Efficiently audit a contractor
  • Plan financial transactions to assure maximum bonding capacity
  • Advise contractors on how business decisions affect financial statements
  • Comply with new accounting rules


  • Using the 5-step revenue recognition process in construction contracts
  • Over and under billings
  • New lease standard for construction contractors
  • Consolidation of variable interest entities
  • Deferred income taxes
  • Disclosure of risk and uncertainty
  • Audit program for contract related items, applying risk analysis to construction contractors' operations, and required disclosures

Who Will Benefit

CPAs in public practices and accounting and financial professionals in the construction industry who prepare GAAP based financial statements.


Category Amount
Accounting 4.00
Printed Materials must be ordered at least ten days prior to the start of the class.
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.


  • Rebecca M. Lee

    Rebecca Lee, CPA, is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.

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