Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book," involves additional reporting, ethics, and performance requirements that go beyond those outlined in AICPA Generally Accepted Auditing Standards (GAAS). This course provides an overview of the guidance found in the Yellow Book and explores its relationship with the AICPA Code of Professional Conduct.
Participants will gain an understanding of the unique CPE requirements for GAGAS engagements and review the Yellow Book standards for financial statement audits, with a focus on ethical principles and independence. This course is designed to equip professionals with the foundational knowledge needed to navigate the complexities of Yellow Book engagements effectively.
DESIGNED FOR
Accounting professionals working with or advising construction contractors
BENEFITS
At the end of this course, you will be able to:
- Describe key issues related to construction accounting
- Identify revenue recognition methods for construction contracts
- Recognize percentage of completion and completed contract methods
- Identify accounting considerations for contract modifications
- Describe issues related to contract costs and allocation
- Recognize complex issues in construction contract accounting
HIGHLIGHTS
- Overview of FASB ASC 910
- AICPA guidance for construction contractors
- Industry specific accounting considerations
- Revenue recognition methods
- Percentage of completion method
- Completed contract method
- Contract modifications
- Contract costs and allocation
- Complex accounting issues in construction
PREREQUISITES
Basic Accounting
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).