Contract Accounting, Lease Accounting, and Their Impact on Construction Contractors
- Contracts and leases decoded Construction accounting is not just about revenue, but it is a lot about revenue. Diving deep into the five-step approach for revenue recognition in the construction industry, this course has all of the rules and interpretations that you might need. Leases are also critical for contractors. From equipment to warehouse space, leases appear prominently on many contractors’ book. In this course, you'll review the guidance under ASC 842 so you are better prepared to account for leases. Practical examples and exercises You'll learn how to implement your new knowledge through realistic scenarios that address the following topics:
- Guidance under FASB ASC 606, *Revenue from Contracts with Customers*
- The five-step recognition process
- Guidance under FASB Accounting Standards Update (ASU) No. 2016-02, *Leases* (Topic 842)
Learning Objectives
- Recall the details in the accounting for construction contracts in FASB ASC 606, *Revenue from Contracts with Customers*, including the appropriate accounting alternatives for construction-type contracts.
- Recall the details in the accounting for leases in accordance with FASB Accounting Standards Update (ASU) No. 2016-02, *Leases* (Topic 842).
Major Topics
- Contract accounting
- Revenue recognition
- Leases
