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Journal Entry — AICPA Issues Revised Audit and Accounting Guide on Construction Contractors

Published on: Jul 25, 2013

The AICPA has issued a revised version of its Construction Contractors — Audit and Accounting Guide. The guide outlines industry-specific requirements for a construction contractor and its auditor and includes discussions of the following:

  • Revenue recognition, including the percentage-of-completion and completed-contract methods.
  • The auditor’s report (expanded coverage).
  • Audit risk factors, including new group audit requirements.
  • Multiemployer pension plans, including an expanded evaluation of ASU 2011-09.1
  • Reporting of supplementary information (expanded coverage).
  • Clarified Auditing Standards, including changes resulting from the AICPA’s clarity project.

Additional information about the guide is available on the AICPA’s Web site.    

[1]    FASB Accounting Standards Update No. 2011-09, Disclosures About an Employer’s Participation in a Multiemployer Plan.

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