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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

The Impact of the New Standards (CCA4)

NEW! 4-Hour Program

WHY ATTEND THIS COURSE?

This 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.

DESIGNED FOR...

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

OBJECTIVE

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

MAJOR SUBJECTS

  • 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

COURSE ACRONYM: CCA4

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY Accounting & Specialized Knowledge

RECOMMENDED CPE CREDIT

  • Accounting: 4 hours

CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.