Basics of Construction Accounting Hosted by MCA Chicago

When:  Nov 20, 2015 from 8:00 AM to 4:30 PM (CT)
Associated with  Chicago, IL

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7:30 a.m. Check-in
8:00 a.m. Class Begins
4:30 p.m. Class Concludes
There will be a 30 minute lunch break - Lunch will be provided.

Deadline to cancel with a full refund is Noon on Wednesday, November 11, 2015 at 5:00 p.m.

Instructors:
Ryan Laughlin, CPA, CCIFP
Stacy Lindemann, CPA, CCIFP

Prerequisites:

 

This is a group-live course at the Introductory level. No prerequisties or advance preparation required.

Upon completing this one-day workshop, you will be able to:
  • Identify key construction accounting principles.
  • Explain the core points of revenue recognition.
  • Discuss the importance of a job cost system.
  • Calculate earned revenue.
  • Identify what a construction company expects from its financial manager.
  • Use industry data to benchmark your company.

Here's what’s covered:

  • Industry Overview – The who, what, when & why of the construction industry
  • Terminology & Authoritative Resources – Where to get the answers & what those answers mean
  • The Contract Life Cycle – What happens when during this cycle that drives our business
  • Elements of Financial Statements – What are yours saying about your company?
  • Job Cost Reporting – What it is, what it isn’t, how to allocate costs, how to structure reports
  • Revenue Recognition – Contract value, percent complete, what drives the WIP, the effect of change orders
  • Computing Earned Revenue – What it is & how to compute it
  • Cost in Excess/Billing in Excess Analysis – The ABCs of CIE & BIE
  • Financial Statement Preparation & Analysis – What to look – and look out – for
  • Cost Reporting Analysis – Tying together all you’ve learned
  • What’s Expected of YOU?
  • Unique Policies & Practices
  • Industry Benchmarks
  • And more!

CPE Credit:
This is an 8-hour course which earns 8 CPE credits in the field of Accounting.

Who Should Take This Course?
Accountants and CPAs new to the construction industry; New Construction Financial Managers & Controllers; Accounting Dept. Support Staff; Project Managers, Construction Managers, Risk & IT Professionals, Financial Services Providers, Owners, and anyone who would benefit from an understanding of the fundamental construction accounting processes.

Here’s what you can expect:

“The Basics” Workshop begins with an overview of the construction industry, then moves from the contract life cycle to job costing issues to financial reporting concerns and beyond. The workshop uses a sample contractor, a variety of problems, and several exercises that enable participants to evaluate real-life situations. But, this is not purely a "textbook course." As a participant, you are encouraged to share your own perspectives and to trade “war stories” during the case studies and general discussion segments of the program. You’ll come away with a deeper and broader understanding of construction accounting and financial management.
 
NOTE: If you are new to accounting or are completely unfamiliar with the fundamental elements of construction accounting, you may want to first enroll in CA101 Construction Accounting Concepts. This online, self-study course introduces debits and credits, journals and ledgers, the basics of job cost accounting and income recognition, financial statements, and other primary construction accounting concepts and processes. It is written for non-accountants. The second course in our online construction accounting series, CA102 Practical Accounting Application, provides an introduction to how the journal entries and transactions discussed in CA101 flow to the contractor’s financial statements. These online classes do not provide CPE credit.

The Construction Financial Management Association (CFMA) is registered with the National Association of State Boardsof Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

For more information regarding refund, complaint and program cancellation policies, contact Brian Summers, VP of Content Management and Education at CFMA.  Princeton Forrestal Village, 100 Village Blvd., Suite 200, Princeton, NJ 08540, Phone: 609-452-8000, or e-mail bsummers@cfma.org


Location

Mechanical Contractors Association Chicago
7065 Veterans Blvd.
Burr Ridge, IL 60527

Contact

Debbera Hypke
815-806-4908
dhypke@managementservices.org