CONSTRUCTION CONTRACTORS: CRITICAL ACCOUNTING, AUDITING, AND TAX ISSUES IN TODAY S ENVIRONMENT CONS/14/01

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1 CONSTRUCTION CONTRACTORS: CRITICAL ACCOUNTING, AUDITING, AND TAX ISSUES IN TODAY S ENVIRONMENT CONS/14/01

2 Table of Contents The Construction Industry An Overview... 1 U.S. GAAP and the Construction Industry... 2 Preparing Construction Contractor Financial Statements... 3 Change Orders and Claims... 4 The Surety, the Contractor, and the Outside CPA... 5 Performing Compilation Engagements for the Construction Industry... 6 Performing Review Engagements for the Construction Industry... 7 Selected Issues Involving the Performance of Audit Engagements for the Construction Industry... 8 Important Taxation Issues Impacting the Construction Industry... 9 This product is intended to serve solely as an aid in continuing professional education. Due to the constantly changing nature of the subject of the materials, this product is not appropriate to serve as the sole resource for any tax and accounting opinion or return position, and must be supplemented for such purposes with other current authoritative materials. The information in this manual has been carefully compiled from sources believed to be reliable, but its accuracy is not guaranteed. In addition, Surgent McCoy CPE, LLC, its authors, and instructors are not engaged in rendering legal, accounting, or other professional services and will not be held liable for any actions or suits based on this manual or comments made during any presentation. If legal advice or other expert assistance is required, seek the services of a competent professional. Revised May 2014

3 The Construction Industry An Overview II. The construction industry 2 A. Overview 2 1. The owner 2 2. The surety 2 3. The bond agent 2 4. The bank 2 5. Design professionals 2 6. The attorney 2 7. The CPA 2 8. The contractor 3 III. Construction contracts 3 A. Fixed-price contract 3 B. Unit-price contract 4 C. Cost-plus contract 4 D. Time and material contract 4 1-i

4 U.S. GAAP and the Construction Industry II. Sources of U.S. GAAP for the construction industry 1 III. Long-term contracts 2 IV. Accounting for construction contracts 2 A. Step #1: Determining the profit center 2 1. Each individual contract 3 B. Steps #2 and #3: Recognizing revenue and gross profit from long-term contracts 3 1. The Zero-Profit Method 3 2. The Completed-Contract Method 3 3. Percentage-of-Completion Method 4 C. The Cost-to-Cost Method 6 D. Proper U.S. GAAP treatment for determining the estimated total contract price side of the Percentage-of-Completion Method 6 E. Proper U.S. GAAP treatment of the costs and expenses side of the Percentage-of- Completion Method 7 1. Pre-contract costs 8 2. Direct job costs 8 3. Indirect job costs 9 4. Equipment cost allocation Estimated costs to complete General and administrative expenses 12 F. Accounting for loss contracts 12 G. Subcontractors 12 H. Long-term asset impairment Assets held for use Assets held for sale or disposal 14 I. Underbillings and overbillings 15 2-i

5 Preparing Construction Contractor Financial Statements II. In general 1 III. The balance sheet 1 A. Insurance accruals 4 1. Workers compensation 5 2. Liability 5 IV. The income statement 5 V. Statement of cash flows 5 VI. Footnote disclosures related to the contractor s financial statements 6 A. Disclosures that are often critical 6 1. Nature of operations 6 2. Significant accounting policies 6 3. Use of estimates 6 4. Revenue recognition 7 5. Unapproved change orders and claims 7 6. Contract receivables 7 7. Underbillings and overbillings 8 8. Contingent liabilities 8 9. Surety bonds Commitments Concentrations Related-party transactions Backlog Going concern 12 VII. Schedules of supplementary information 13 A. Job schedules 13 B. Other schedules 13 3-i

6 Change Orders and Claims II. Change orders 1 A. What is a change order? 1 1. What are some of the indications the FASB is referring to regarding probable? 1 2. What causes an unapproved change order? 2 III. Claims 2 4-i

7 The Surety, the Contractor, and the Outside CPA I. The surety and its impact on the construction industry 1 II. What is a surety and how does it operate? 1 III. The current state of the surety industry 1 IV. How a surety operates 2 V. Key surety terms 2 VI. Types of surety bonds 3 VII. The three-party relationship 3 VIII. The bond agent 4 IX. Surety underwriting 5 A. Character 5 B. Capacity 6 C. Capital 6 X. How the surety underwriter utilizes the contractor s financial statements when making a bond credit decision 7 A. Liquidity ratios 8 1. Current ratio 8 2. Cash to equity 8 3. Underbillings to equity 8 4. Cash to overbillings 8 B. Profitability ratios 8 1. Gross Profit percentage 8 2. Gross profit from the contractor s backlog to general and administrative expenses 8 3. Net income as a percentage of revenue 8 C. Debt ratios 8 1. Total liabilities to net worth 8 2. Interest-bearing debt to net worth 8 D. Summary 9 XI. How the surety analyzes the contractor s financial statements 9 A. Cash 9 B. Contract receivables 9 C. Underbillings and overbillings 9 1. Underbillings 9 2. Overbillings 10 D. Property, plant, and equipment 11 E. Contract payables 11 F. Debt 11 G. Job schedules 11 H. Profit fade 12 I. Job borrow 12 J. Income statement 12 K. Statement of cash flows 12 L. Contingent liabilities 12 M. Backlog 13 N. Going concern 13 XII. How the contractor can maximize bonding capacity with the surety 13 XIII. Warning signs of contractor failure 14 XIV. How the surety deals with a bonded contractor experiencing financial difficulties 15 A. The finance option Advantages Disadvantages 16 B. The re-let option Advantages Disadvantages 17 5-i

8 XV. Contract issues 17 XVI. Business issues 18 XVII. Summary 20 XVIII. What is in it for the contractor? 21 XIX. The role of the outside CPA 22 5-ii

9 Performing Compilation Engagements for the Construction Industry II. What is a compilation? 1 III. Compilation standards 2 A. General standards 2 1. Professional competence 2 2. Due professional care 2 3. Planning and supervision 2 4. Sufficient relevant data 2 B. Performance standards 2 1. Establishing an understanding 2 2. Obtaining knowledge of the client s industry 3 3. Obtaining knowledge of the client s operations 3 4. Obligation to obtain 4 5. Obligation to read 4 6. Obligation to communicate 4 6-i

10 Performing Review Engagements for the Construction Industry II. What is a review? 1 III. Review standards 2 A. General standards 2 1. Professional competence 2 2. Due professional care 2 3. Planning and supervision 2 4. Sufficient relevant data 2 B. Performance standards 2 IV. Inquiries 3 A. What some of these inquiries may include 4 1. General 4 2. Cash 4 3. Contract and note receivables 4 4. Inventories 5 5. Other assets 5 6. Property and equipment 5 7. Contract payables and accrued expenses 6 8. Notes payable and long-term debt 6 9. Commitments and contingencies Equity Income and expenses Construction contracts Risks and uncertainties Other issues 7 V. Analytical procedures 8 A. What some of these analytical procedures may include 9 1. Contract and notes receivable 9 2. Inventories 9 3. Property and equipment 9 4. Notes payable and long-term debt 9 5. Construction contracts 10 VI. Management representation letter 10 VII. Materiality 11 7-i

11 Selected Issues Involving the Performance of Audit Engagements for the Construction Industry II. Planning the audit of a construction entity 2 III. Issues related to confirming contractor receivables 3 IV. Fraud and the contractor 4 A. What is fraud (as defined by AU-C Section 240)? 4 B. Categories of fraud 5 1. Misappropriation of assets 5 2. Fraudulent financial reporting 6 C. Required fraud response 6 D. Revenue recognition 6 E. Management s ability to override controls 7 1. Examining journal entries and other adjustments 8 2. Reviewing accounting estimates for biases 8 3. Evaluating the business rationale for significant or unusual transactions 8 F. The auditor s response to fraud risks 8 V. The contractor s financial statements and estimates 9 VI. Estimated costs to complete on open projects 9 A. Analytical procedures 10 B. Job-site visits 10 C. Confirmations with subcontractors 11 D. Discussion with client personnel 11 E. Reviewing subsequent estimates, events, and transactions 12 F. Utilizing the services of an engineer 12 VII. Going concern 12 8-i

12 Important Taxation Issues Impacting the Construction Industry II. Key tax issues involving the contractor 1 III. Taxation of long-term contracts 1 A. Home construction contracts 2 B. Residential construction 3 C. Specifically-exempt construction activities 3 D. Small contractor exemption 3 1. Construction-type contract 4 2. Two-year completion test rule 4 3. $10 million gross receipts test 4 IV. Income recognition methods available to small contractors 5 A. The Percentage-of-Completion Method 5 1. Advantages 5 2. Disadvantage 5 B. The Completed-Contract Method 6 1. Advantage 6 2. Disadvantages 6 C. Cash Method 6 1. Advantage 7 2. Disadvantages 7 D. The Accrual Method 7 1. Advantage 7 2. Disadvantages 7 V. The 10 percent deferral election 7 VI. Tax cost capitalization and allocation issues facing the contractor 8 A. Job cost allocations 10 VII. AMT considerations and the contractor 10 A. Long-term contract adjustment 11 B. The depreciation adjustment 12 C. Subcontractor billings 12 D. Uninstalled materials 12 E. Re-evaluate estimated costs to complete 13 VIII. Look-back provisions 13 IX. Home-construction contract tax issues 15 A. Contract builders 15 B. Spec builders 16 X. Residential contract tax issues 16 XI. Employee vs. independent contractor issues 16 A. 20 factors for consideration by the contractor Instructions Training Integration Services rendered personally Hiring, supervising, and paying assistants Continuing relationship Set hours a week Full time required Work done on premises Order or sequence set Oral or written reports Payments by the hour, week, or month Payment of expenses Furnishing of tools and materials 18 9-i

13 15. Significant investment Profit or loss Working for more than one contractor at a time Making contracting services available to the general public Right to discharge Right to terminate 19 B. Three categories of control factors for additional consideration by the contractor Behavioral control Financial control Relationship of the parties 19 XII. FIN XIII. Most commonly missed tax strategies for contractors 21 XIV. Summary 21 9-ii

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