Construction Contractors - AICPA Audit and Accounting Guide

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to construction contractors.

Updated as of May 1, 2011, the guide includes relevant guidance contained in applicable standards and other technical sources. You'll find detailed explanations of revenue recognition under the percentage-of-completion and completed-contract methods, joint venture investments, and financial statement presentation.The guide offers clear and practical guidance on recent developments in areas such as risk assessment, fair value measurements, and internal controls. More user-friendly features include examples of:

· Accounting for contract costs and overhead
· Auditing estimates surrounding revenue and cost recognition methods

All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s).

New for 2011, this guide contains fully updated example financial statements for use by preparers and auditors, alike. Further, the guide contains a full implementation of FASB Accounting Standards Update (ASU) No. 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, which has a significant impact on the construction industry, as well as an update of all accounting and auditing guidance important to users.