Audit and Accounting Guide : Construction Contractors, 2019.: Construction Contractors, 2019. (2019)

• Record Type: Book
• Authors: AICPA
• Contents: 1 Industry Background .01-.52 Nature and Significance of the Industry .02-.05 Features of the Business Environment .06-.37 Characteristics Common to Contractors .07-.08 Types of Contracts .09-.10 Contract Modifications and Changes .11-.12 Bonding and the Surety Underwriting Process .13-.19 Project Ownership and Rights of Lien .20-.21 Financing Considerations .22-.30 Joint Ventures .31-.34 Reporting for Financial and Income Tax Purposes .35-.37 Typical Industry Operations .38-.50 Preparing Cost Estimates and Bids .39-.45 Entering Into the Contract .46 Planning and Initiating the Project .47-.50 Variations in Size and Methods of Operation .51 Project Management .52 2 Accounting for Revenue From Contracts With Customers .01-.148 Application of the Five-Step Model of FASB ASC 606 .03-.87 Step 1: Identify the Contract With a Customer .03-.11 Step 2: Identify the Performance Obligations in the Contract .12-.28 Step 3: Determine the Transaction Price .29-.49 Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation .50-.87 Other Related Topics .88-.148 Disclosures and Presentation .88-.123 Contract Costs .124-.148 3 Accounting for and Reporting Investments in Construction Joint Ventures .01-.44 Joint Venture Accounting .03-.39 Accounting Methods .03-.07 Capital Contributions to Joint Ventures and Initial Measurement of Investments in Joint Ventures .08-.15 Sales to a Venture .16-.19 Subsequent Measurement and Presentation of Investments in Joint Ventures .20-.39 Determining Venturers’ Percentage Ownership .40 Conforming the Accounting Principles of the Venture .41 Losses in Excess of a Venturer’s Investment, Loans, and Advances .42 Disclosures in a Venturer’s Financial Statements .43-.44 4 Financial Reporting by Affiliated Entities .01-.11 Combined Financial Statements .04-.06 Presentation of Separate Financial Statements of Members of an Affiliated Group .07-.10 Presentation of Separate Financial Statements of Members of an Affiliated Group That Constitute an Economic Unit .11 5 Other Accounting Considerations .01-.141 Definition of a Public Business Entity .01 Fair Value Measurements .02-.50 Definition of Fair Value .05-.12 Valuation Techniques .13-.15 Present Value Techniques .16-.18 The Fair Value Hierarchy .19-.22 Application of Fair Value Measurements .23-.31 Additional Guidance for Fair Value Measurement in Special Circumstances .32-.36 Disclosures .37-.46 Fair Value Option .47-.50 Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps .51-.55 Disclosure .55 Service Concession Arrangements .56-.61 Discontinued Operations .62-.70 Disposal Group Classified as Held for Sale .66-.68 Disclosure .69-.70 Impairment of Long-Lived Assets .71-.104 Property, Plant, and Equipment .71-.76 Intangibles — Goodwill .77-.86 Accounting Alternative .87-.101 Intangibles — Other .102-.104 Accounting for Identifiable Intangible Assets in a Business Combination .105-.109 Accounting Alternative .105-.109 Business Combinations — Pushdown Accounting .110-.115 Asset Retirement Obligations .116-.122 Mandatorily Redeemable Stock .123-.124 Presentation of an Unrecognized Tax Benefit When a Tax Carryforward Exists .125-.126 Differences Between Financial Accounting and Income Tax Accounting .127-.137 Cash Method .135-.136 Accrual Method .137 Provisions for Anticipated Losses on Contracts .138 Costs of Equipment and Small Tools .139-.141 6 Financial Statement Presentation .01-.48 Balance Sheet Classification .01-.02 Guidelines for Classified Balance Sheets .03-.15 General Guidance .04-.08 Retentions Receivable and Payable .09-.11 Investments in Construction Joint Ventures .12 Equipment .13 Liabilities .14 Deferred Income Taxes .15 Fixed-Price Contract Terminations .16 Disclosures in Financial Statements .17-.34 Significant Accounting Policies .18 Revised Estimates .19 Backlog — Remaining Performance Obligations .20 Receivables .21 Receivables — Related Parties .22-.23 Going Concern .24-.34 Disclosures of Certain Significant Risks and Uncertainties .35-.36 Accounting for Weather Derivatives .37 Disclosures of Multiemployer Pension Plans .38-.48 Multiemployer Plans That Provide Pension Benefits .39-.46 Multiemployer Plans That Provide Postretirement Benefits Other Than Pensions .47 Sample Disclosure for Plans That Provide Pension Benefits .48 7 Auditing Within the Construction Industry .01-.08 Audit Focus .02-.07 Scope of Auditing Guidance Included in This Guide .08 8 Controls in the Construction Industry .01-.28 Estimating and Bidding .04-.07 Project Administration and Contract Evaluation .08-.10 Job Site Accounting and Controls .11-.14 Billing Procedures .15-.18 Contract Costs .19-.21 Contract Revenues .22-.23 Construction Equipment .24-.25 Joint Ventures .26 Internal Audit Function .27-.28 9 Planning the Audit, Assessing and Responding to Audit Risk, and Additional Auditing Considerations .01-.103 Scope of This Chapter .01-.02 Planning and Other Auditing Considerations .03-.34 Planning the Audit .04-.06 Auditor’s Communication With Those Charged With Governance .07-.21 Audit Risk .22-.26 Materiality .27-.34 Use of Assertions in Obtaining Audit Evidence .35-.36 Understanding the Entity, Its Environment, and Its Internal Control .37-.62 Risk Assessment Procedures .40-.41 Discussion Among the Audit Team .42 Understanding the Entity and Its Environment .43-.45 Understanding of Internal Control .46-.62 Assessment of Risks of Material Misstatement and the Design of Further Audit Procedures .63-.85 Assessing the Risks of Material Misstatement .64-.69 Designing and Performing Further Audit Procedures .70-.85 Evaluating Misstatements .86-.88 Audit Documentation .89-.98 Identifying and Evaluating Control Deficiencies .99-.103 10 Major Auditing Procedures for Contractors .01-.50 Job Site Visits and Interim Audit Procedures .02-.07 Accounts Receivable .08-.26 Contract Assets .12 Retentions .13-.14 Unapproved Change Orders, Extras, Claims, and Back Charges .15-.18 Contract Scope Changes .19 Contract Guarantees and Cancellation or Postponement Provisions .20-.24 Collectibility .25-.26 Liabilities Related to Contracts .27-.31 Contract Costs .32-.38 Costs Incurred to Date .35 Estimated Cost to Complete .36-.38 Income Recognition .39-.43 Evaluating the Acceptability of Income Recognition Methods .41 Combining Contracts .42 Review of Earned Revenue .43 Analysis of Gross Profit Margins .44-.45 Review of Remaining Performance Obligations .46-.49 Management Representations .50 11 Other Audit Considerations .01-.50 Affiliated Entities .02-.11 Participation in Joint Ventures .03-.09 Auditing Affiliated Entities and Related Party Transactions .10-.11 Participation in a Group Audit .12-.14 Capitalization and Cash Flow .15-.17 Types of Auditor’s Reports on Financial
• Edition: 1st
• Publisher Details: Wiley
• Publication Date: 2019
• Extent: 1 online resource (320 pages)
• Languages: English
• ISBNs: 9781948306690
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.