Considered the industry standard resource, this 2016 edition is packed with information on new requirements, including relevant changes to the FASB Accounting Standards Codification, including a detailed look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers and 2016-02, Leases. Whether you are in public accounting, performing assurance services, or you operate in the industry, this resource has the information you need to perform at your best.
Highlighting practical tips and industry specific guidance, this guide provides value from simple accounting to joint venture creation, and takes a deep dive into industry specific auditing procedures. With two complete sets of financial statements and disclosures, it provides an industry accepted blueprint from where to start, or a reference for auditing the final product.
Contains complete illustrative financial statements for both percentage-of-completion and completed-contract contractors
Includes industry specific accounting guidance
Auditing guidance and procedures tailored specifically for the construction industry
Detailed discussion and preliminary considerations for FASB ASU 2014-09.
Detailed appendix regarding ASU 2016-02.
Discussion of all applicable FASB ASUs issued and effective since May 2015, including:
FASB ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis
FASB ASU No. 2014-05, Service Concession Arrangements (Topic 853) (a consensus of the FASB Emerging Issues Task Force).
FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.
Preview of applicable FASB ASUs issued and becoming effective, including:
FASB ASU No. 2014-09, Revenue from Contracts with Customers
FASB ASU No. 2016-02, Leases
Who Will Benefit?
Staff, managers and partners at firms serving construction clients
Accounting and internal audit staff at construction contractors