Construction Industry Accounting, Financial Reporting and Contract WIP
Overview
Led by a veteran expert in construction accounting, this seminar offers a comprehensive overview of the construction industry, highlighting key trends, developments and financial data. Gain a deeper understanding of construction-specific GAAP principles and learn best practices in financial reporting and disclosure requirements to effectively support and advise clients in the construction sector.
Highlights
- Construction industry overview including current trends, developments, and data
- Review of construction GAAP principles and clarification of ASC 606
- Financial reporting, and disclosure requirements for contractors including statement footnotes and supplemental disclosures for contract WIP, claims, joint ventures, warranties, backlog, etc.
- Contract WIP schedules and analytical procedures
- Contract job costing and indirect cost allocations
Prerequisites
Basic construction industry accounting and tax knowledge, or experience in construction industry accounting.
Designed For
CPAs, CFOs, controllers, and accounting professionals that work with construction contractors as well as surety analysts, bankers, attorneys, and other advisors that service the construction industry.
Objectives
- Obtain an overview of the construction industry’s current trends, developments, and financial performance metrics.
- Clarify construction GAAP principles with a focus on ASC 606 and its application to contracts.
- Review financial reporting and disclosure requirements specific to contractors, including key footnotes and supplemental disclosures for WIP schedules, claims, joint ventures, and more.
- Analyze contract WIP schedules and apply effective analytical procedures.
- Address best practices in contract job costing and indirect cost allocation to improve financial oversight.
Notice
- Note: An optional bonus session is available from 7–7:50 a.m. CT (see the Agenda tab for details). If you choose not to attend the bonus session, the main course will begin at 8 a.m. CT.
- Login access and eMaterials will be available in the My CPE section of the ISCPA website 3-5 days prior to the seminar.
Thank you to our Sponsor
Thursday, August 21
Optional Session
- Optional Bonus Session: Scaling CAAS for the Construction Industry
Attend this session and receive one (1) additional hour of CPE credit (5 hours total).
As the construction industry evolves, accounting firms must adapt to meet rising client expectations. In this bonus session, sponsored by Adaptive, discover ways to build and scale a high-impact Client Accounting and Advisory Services (CAAS) model tailored specifically for construction clients. Discover how top-performing firms are leveraging automation, real-time data and streamlined workflows to shift from compliance work to high-value advisory services. Walk away with actionable strategies to boost construction CAAS revenue -- without adding staff or compromising quality.
Objectives:
- Identify key service areas to include in a scalable construction CAAS offering
- Understand how automation improves job costing and reporting accuracy
- Evaluate firm readiness for real-time, tech-enabled advisory services
- Learn how to position CAAS as a strategic driver of firm growth and retention
Designed for: CPA firm owners, partners and managers; CAAS team leaders and client advisory professionals; accounting professionals serving construction clients; and anyone exploring modern, recurring-revenue advisory models.
Prerequisites: Understanding of basic accounting workflows and financial statements for construction clients.
Field of study: Business Management & Organization (Non-Technical)
Level: Intermediate
This session is available to registrants only.
Leader(s):
Leader Bios
Robert Davidson, Partner, Robert A Davidson CPA
Robert Davidson, CPA, has made over 600 construction contractor seminar and conference presentations to state CPA societies, AICPA conferences, the Construction Financial Management Association (CFMA), Associated General Contractors (AGC), National Surety Bond Producers Association, Caterpillar Financial, Liberty Surety, Zurich Surety, Philadelphia Surety, Willis, and other industry associations and companies. Robert has received the outstanding CPE instructor award over 25 times for presentations to various state CPA societies and other professional organizations. Robert served on the Board of the AICPA National Construction Committee for 12 years, including 3 years as Chairman. Robert served on the editorial board of the Journal of Construction Accounting and Taxation and has been published more than 20 times by various national construction industry publications. He was a founding member of the Hard Hat Construction Group and a member of the prestigious Beavers Construction Group since 2002. He has served on committees and boards of various construction organizations, including the AGC, CFMA, TRBA, ABC and ARTBA. Robert was named one of "Nashville's Finest CPAs" by the Nashville Post and one of "Nashville's Accounting Power Leaders" by the Nashville Business Journal.
Non-Member Price $315.00
Member Price $255.00