AICPA Issues Revised Audit and Accounting Guide on Construction Contractors
Published on:
25 Jul 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.