Basic accounting, financial reporting, and disclosure requirements under FASB ASC 842, Leases are explained for accounting and finance professionals.
Learning Objectives
- Learning Outcomes
- Recognize select characteristics that are unique to the construction industry and that have accounting, audit, tax, or consulting consequences.
- Identify the components of job costs incurred, the common categories into which the costs are divided, and the impact of both direct and indirect costs on the contractor.
- Recall the unique supplementary information normally included in the financial statements of a construction contractor.
- Identify the various financial benchmarks a surety or surety agent might analyze in a contractor’s financial statements to determine the amount of the contractor’s surety credit.
