ARCHIVED MATERIAL

Webinar held: Tue, Jan 24, 2012
 

Course Description

This course provided an understanding of the accounting, reporting and disclosure requirements proposed in FASB’s Revised Revenue Recognition Exposure Draft (Topic 605): Revenue from Contracts with Customers as it relates to construction contractors. The Revised Exposure Draft’s proposed guidance more closely matches the means and methods used by contractors today. However, several specific situations still remain in the revisions which could require construction contractors to modify the way they recognize revenue under the percentage-of-completion method of accounting.

Participant Learning Objectives:

• Participants will understand the significant concepts found in FASB’s Revised Revenue Recognition Exposure Draft (Topic 605): Revenue from Contracts with Customers.
• Participants will understand the potential impact to current practice regarding accounting for uninstalled materials, unproductive direct and indirect job costs, set-up precontract costs, claims, unapproved change orders and onerous (loss) contracts.
• Participants will understand the proposed disclosure requirements for nonpublic companies regarding (a) revenue earned under contracts as of a specific time or over a period of time when goods or services are transferred, and (b) accrued liabilities for onerous contracts as of the balance sheet date. 

Speakers:

James Comito

Dave Allison

John Armour

  Presentation materials:

• Presentation slides
• Presentation slides with notes (3MB)