- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses accounting for construction contracts. Lesson 1 covers GAAP for construction contractors, dealing with revenue from contracts with customers under FASB ASC 606, accounting for contract-related costs under FASB ASC 606, revenue recognition prior to FASB ASC 606, a contractor's financial reporting system, and accounting for similar operations before and after FASB ASC 606. Lesson 2 takes a look at financial statement considerations for construction contracts and investments in ventures.
Course Expiration Date: July 31, 2020
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Identify what is considered GAAP for construction contractors and best practices for dealing with revenue from contracts with customers under FASB ASC 606.
Determine how to account for contract-related costs under FASB ASC 606.
Determine how contractors recognized revenue on their contracts prior to adopting FASB ASC 606.
Identify important considerations for the contractor's financial reporting system and how to account for similar operations before and after FASB ASC 606.
Recognize how accounting for construction contracts may affect a contractor's financial statements.
Identify best practices to account for investments in ventures.
Lesson 1—FASB ASC 606 and Other Considerations
Lesson 2—Financial Statement Considerations and Investments in Ventures