Chapter 1 1-1
Nature and Significance of the Construction Industry 1-1
Types of Contractors 1-2
Players in the Industry 1-3
Types of Contracts 1-4
The Role of the Surety 1-5
Contract Accounting 1-7
Additional Resources for the Construction Industry 1-10
Summary 1-11
Chapter 2 2-1
Strategic Planning for the Construction Contractor 2-1
Chapter 3 3-1
Internal Controls for the Contractor 3-1
What Are Internal Controls 3-3
Controls Specific to Construction Contractors 3-4
Summary 3-26
Chapter 4 4-1
Fraud and the Contractor 4-1
AU-C Section 240, Consideration of Fraud in a Financial Statement Audit 4-3
Identification of Certain Fraud Risks 4-5
Mitigating Fraud as a Construction Contractor 4-12
Summary 4-20
Chapter 5 5-1
Cash Management for the Contractor 5-1
Sources of Cash for the Contractor 5-3
Contractor Cash Flow 5-4
Summary 5-15
Chapter 6 6-1
Accounting for Joint Ventures 6-1
The Joint Venture 6-3
Accounting for a Joint Venture 6-5
The Joint Venture Agreement 6-6
Method of Organization 6-7
Members Ownership Percentage 6-9
Method of Accounting for the Member 6-10
Disclosures by Members of Joint Ventures 6-12
Impact of Joint Ventures Due to FASB ASC 460, Guarantees 6-13
Impact of FASB ASC 810, Consolidation 6-14
Summary 6-17
Chapter 7 7-1
Benchmarking the Contractor 7-1
Financial Benchmarking 7-3
Healthy Contractor Benchmarks 7-9
Non-Financial Benchmarking 7-11
Summary 7-14
Chapter 8 8-1
Construction Cost Allocations 8-1
Components of Job Costs 8-2
The Impact on Estimators and Project Managers 8-13
Selling, General, and Administrative Costs 8-15
Summary 8-18
Chapter 9 9-1
Assisting the Financially Troubled Contractor 9-1
Why Contractors Are Prone To Failure 9-3
Warning Signs for Potential Business Failures 9-5
Saving the Financially Troubled Contractor 9-6
Go From Attitude to Action 9-8
Summary 9-11
Chapter 10 10-1
Audit Risks of a Contractor 10-1
Audit Risk and the Audit Risk Model 10-2
Contractor Audit Risk Areas 10-4
Warning Signs for the Auditor 10-19
Applicability to a Review Engagement 10-21
Summary 10-22
Chapter 11 11-1
Deferred Income Taxes 11-1
Permanent and Temporary Differences 11-4
The Use of Enacted Tax Rates 11-7
Accounting for Uncertainty in Income Taxes Under FASB ASC 740 11-9
Summary 11-10
Chapter 12 12-1
Alternative Minimum Tax Considerations for Contractors 12-1
Exemptions from AMT 12-2
Calculation of the AMT 12-5
Minimizing the Minimum Tax 12-7
Summary 12-10
Chapter 13 13-1
Look-Back Method 13-1
Reporting the Calculation 13-3
The Computation of the Look-Back Calculation 13-10
Summary 13-21
Chapter 14 14-1
Tax Planning for the Contractor 14-1
Financial Analysis 14-3
Tax Planning Process 14-5
Summary 14-11
Appendix A A-1
The New Revenue Recognition Standard: FASB ASU No. 2014-09 A-1
Appendix B B-1
The New Leases Standard: FASB ASU No. 2016-02 B-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 2
Chapter 3 Solutions 3
Chapter 4 Solutions 4
Chapter 5 Solutions 5
Chapter 6 Solutions 6
Chapter 7 Solutions 7
Chapter 8 Solutions 8
Chapter 9 Solutions 10
Chapter 10 Solutions 11
Chapter 11 Solutions 12
Chapter 12 Solutions 13
Chapter 13 Solutions 14
Chapter 14 Solutions 15
