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The construction industry is one of the most unique when it comes to being in compliance with the various accounting and auditing standards. This course examines the core knowledge necessary to succeed and the key issues impacting construction accounting and auditing, including the new revenue recognition guidance. Find out what other new developments may mean for you, your company, or your clients. In addition, this course explores the relationship between the contractor and the surety. With construction comprising such a large portion of the economy and always growing, it is more important than ever for you to be on top of the very latest in accounting and auditing changes for the construction industry.

Objectives

  • Recall ways to provide efficient, high-quality audit services to construction clients.
  • Identify key concepts related up-to-date GAAP accounting methods applicable to construction contractors.
  • Identify new and key tax issues and how to apply them.

Highlights

  • Contract accounting and revenue from contracts with customers
  • Contractor financial statements
  • Working with a surety
  • Audit planning and procedures
  • Long-term contracts

Who Will Benefit

Practitioners and financial professionals in the construction industry

Credits

Category Amount
Accounting 4.00
Auditing 4.00

Leaders

  • Thomas M. Sheets

    Thomas M. Sheets, CPA, is a Certified Public Accountant with over 35 years experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 19 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 28 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.

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