AICPA & CIMA Construction Fundamentals Program

This two-day program is tailor-made for early-career professionals, covering everything from the industry's unique nature, to nuances you just don’t see in other industries.

Get an understanding of contracts and contract revenues, how costs are handled on projects that may take years, tax implications of these projects and more. You will learn about the unique schedules used by contractors, their banks and sureties and how to analyze the resulting financial statements. Whether you are working for a contractor, assurance or tax provider or an entity serving the industry, like a bank, surety or insurer, get the information you need to succeed in the construction world.

Register now for the AICPA & CIMA’s Construction Fundamentals Program and unlock your potential in the construction industry!

Learning outcomes:

• Recognize the nature of the construction industry, and learn about the types of contractors and contracts, the key players, like banks and sureties, and the nuances of the industry including skills such as estimating, bidding, contracting, and project management.
• Identify the complexities of revenue recognition for contractors under FASB ASC 606, including measuring progress, handling retainage, and understanding the impacts of different contract types, claims, and change orders.
• Recall significant accounting and tax topics for construction contractors including leases, cost allocation and tax considerations.
• Recall how to prepare, compile, and review financial statements for construction contractors, including common procedures, analytical techniques, inquiries, and independence considerations.
• Recognize the framework for auditing construction contractors, including risk assessment, identifying and testing internal controls, substantive testing and the key features of the audit report and common supplemental schedules.
• Recognize how to analyze a contractor’s financial statements, calculate common ratios, interpret key performance indicators (KPIs), and assess the going concern of construction contractors.

Register now for the AICPA & CIMA’s Construction Fundamentals Program and unlock your potential in the construction industry!

Who Should Attend

• New staff working at or with construction clients
• Experienced staff new to construction clients or firms serving the construction industry
• Accounting, tax and internal audit staff at construction contractors that wish to solidify their foundational knowledge
• Staff and management of entities serving construction clients