Construction Contractors - Audit and Accounting Guide

Publisher: AICPA
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Considered the industry standard resource, this guide's 2017 edition is packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification, including a high-level 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 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.

Key Features

  • Contains complete illustrative financial statements for both percentage-of-completion and completed-contract contractors.
  • Includes industry specific accounting guidance.
  • Auditing guidance and procedures are tailored specifically for the construction industry.
  • Offers detailed discussion and preliminary considerations for FASB ASU No. 2014-09.
  • Provides a detailed appendix regarding ASU No. 2016-02.


  • Discussion of all relevant FASB ASUs issued and now effective since May 2016, including these :
    • FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council).
    • FASB ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.
    • FASB ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.
  • Preview of applicable FASB ASUs issued and becoming effective:
    • 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, construction contractors, and accounting and internal audit staff at construction contractors.

Information About the eBook Option

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About the Publisher


About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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