2.0 CPE If you owned a home in the late 2000’s, you’re probably quite familiar with the housing crisis of 2008 where home values dipped dramatically, new construction came to a screeching halt, government bailouts followed, and foreclosures were aplenty. At that time, it probably didn’t seem like the economy or construction industry would ever recover, but in recent years, it has done just that.
US Bureau of Labor Statistics show that as of October 2022, there were $7.73M people working in the construction industry. In addition, data from the Association of General Contractors of America shows that the construction industry has more than 750,000 employers in the US and creates nearly $1.4 trillion worth of structures each year.
With the continued resurgence of this industry, understanding how to do the accounting for these companies will be an invaluable skill. Therefore, this course will introduce the basic concepts surrounding construction accounting needed to do just that. We’ll cover a variety of topics aimed at familiarizing you with how to properly understand construction accounting. Through the definition of useful terms and using relevant examples, we’ll examine everything from paying subcontractors and billing clients to recognizing revenue and understanding project profitability.
Course Key Concepts: Construction Accounting, Project Accounting, Subcontractor, Prime Contractor, Work in Process.
Learning Objectives
- Discover and define Construction Accounting.
- Explore Project Costs.
- Identify and understand Revenue Recognition for Construction Companies.
- Explore Typical Contract Types Used in Construction.
- Identify and understand the Billing Process.
- Discover and delve into ASC 606 – Revenue from Contracts with Customers.
- Identify and learn How to Measure Completion and Calculate Revenue Earned based on Completion.
- Explore the Basics of Contract Assets and Contract Liabilities.
- Recognize and understand the Components Impacting Project Profitability.
Last updated/reviewed: August 17, 2023
34 Reviews (94 ratings)
Reviews
Mark Eastman
(Accountant at Self)
The materials and topics were appropriate for this course. Unfortunately, the instructor was weak and ineffective. She appeared to just be reading from a preprinted script. I had trouble staying engaged and hate that type of presentation. better to make it text only than listen to someone read (rather than speak) slowly for over an hour.
Anonymous
()
Overall good introduction to project accounting. Great for anyone looking to learn more about construction, engineering, or architecture accounting.
I am in the defense industry and wish there were more courses on general project accounting. This course (even though industry specific) is a good introduction to some basic concepts.
Anonymous
()
Very broad overview of the subject. More time should have been allotted to it. Slides were sometimes hard to follow and lacking. I did like the instructor but there was just too much for her to be fully effective.
Anonymous
()
This is a good overview of issues specific to construction accounting. I would love to see more courses offered on this topic, particularly geared toward small business contractors.
Anonymous
(Assistant Controller)
Easy to understand basics on Construction Accounting. I am an accountant for a Bridge and Industrial Construction company. This would be a great hour spent for everyone in our office.
Anonymous
(Unemployed)
Ms. Akins clearly knows her material and is quite knowledgeable. She would do better if she were not just reading her slides but actively explaining what the slides show.
Anonymous
(Director of Accounting)
This is a really great course to take to have a better understanding of construction accounting. The instructor does a great job in giving basic learning items.
Anonymous
(Manager)
course was chock full of info to be covered in 1 hr. Excellent for my upcoming construction audits. Easily enough info to be considered as a 2+ hour course.
Anonymous
()
Great course - super informative but could easily have been another hour. I found I had to stop and rewind frequently to catch all that was being said.
Anonymous
(CSR)
This is a very helpful course to understand the basic concepts involved with construction accounting. It will be useful in my profession as an auditor.
Joelle Kopacz
( at The Ramage Company)
Very helpful and complete overview of Construction Accounting. I appreciated the definition of terms and the multiple examples given.
Tanner Cork
( at US Army)
Good course and instructor however explanation of the A1A form would be more effective if larger and populated with figures.
Anonymous
(Snr Accounting Consultant, CPA)
Wow! I really enjoyed the way she covered this topic. She made construction accounting very clear and easy to follow along.
Anonymous
(Auditor)
great course...........................................................................................................
Bob Phipps
( at R.W. Phipps, PA)
good job on the new issues related to asc 606, i want my younger staff to watch, as she was good at walking you thru it
Keri Kendall
(Controller at New Economy CPA)
It would have been nice if the instructor didn't just read from a piece of paper and made it more interactive.
Anonymous
(Accountant)
Examples provided are very clear and enhance a better understanding of the content being explained and shared
Anonymous
(Finance and IT Consultant)
The speaker has perfectly justified to cover the course ina resonable level within the fifty minutes time.
Erin Newbrand
( at Edward L. Schafman, LLC)
Interesting but I just wish it would t have been read and that I was able to see the slides better. Thank
Anonymous
()
This was much more thorough than I anticipated and was a great introduction to construction accounting.
Anonymous
(Accounting Manager)
good overview of construction accounting for those that do not normally work in this accounting field
Anonymous
(CFO)
Excellent presentation of construction accounting principles and concepts, with pertinent examples.
Anonymous
(Chief Credit Officer)
good clear presentation and examples were helpful to understanding the implications under ASC 606.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
A good overview to construction accounting. Having been in the industry, this was a good review.
Femi Salami
(Manager, Financial Reporting at Stryker)
Very well structured and contained all key details needed to understand construction accounting
Anonymous
()
I didn't know a lot about this topic beforehand, and found this to be a good introduction.
Melissa Montgomery
( at Urban Genesis)
Great run down of the rev rec changes. Good use of clear, practical examples.
Anonymous
(Accountant)
Great informative course which i would recommend to all. very thourough.
Michael Muchortow
(CPA at Muchortow & Associates)
Good examples to reinforce concepts and pace was at appropriate level.
Anonymous
()
Great summary of concepts of construction. Would recommend to others.
Ping Yang
(Sr. at Cash at Yahoo)
informational training on construction accounting and ASC 606
Anonymous
(VP, Head of Accounting & Fin..)
Great intro to construction accounting. Enjoyed the course
Anonymous
(Accounting Manager)
I would recommend to put on a slide all examples explained
Anonymous
(Director of Finance)
good intro to construction accounting with good examples
Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Carol AkinsController
About Illumeo
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