The construction industry has seen significant changes in the past couple years. Whether you are in public accounting, performing assurance services, or operate in the industry, this guide has the information you need to perform at your best. Considered the construction industry standard resource, this 2019 edition features new accounting information and new auditing considerations, particularly with regards to considerations for FASB ASC 606. This guide is an indispensable reference document packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification. From simple accounting to joint venture creation, this edition takes a deep dive into industry specific auditing procedures. Topics include: Practical tips and industry specific guidance; A detailed look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers, including new auditing considerations; An up-to-date look at the details of FASB ASU No. 2016-02, Leases

The Author has over 40 years of experience in the construction field exposed to Contractors, Consultants, Clients and teaching environments. His special interest is Construction Auditing and he has done various researches, submitted articles to construction magazines and presented research papers at international conferences. His personal opinion is that the Construction Cost professional Institutions and the Professionals at large have completely ignored the field of construction auditing for a long time. The governments’ construction expenditure, which now involve a significant portion of the budget of many countries mandated to be audited as check & balance. This government construction auditing exercise is still carried out by Financial Institutions under the name of Performance Auditing. The lack of interest by the Cost Construction professional Institutions resulted in the continuation of Performance Auditing by Financial Accountants. Construction at present is huge, complicated, involving different entities with various Contractual arrangements. The Financial Accountants do not have the sufficient skill to audit construction in the present environment and the results are plain to see. The loss owing to Frauds in government double (internal & external) audited construction has reached upwards of US $ 4 Trillion per year according to Transparency International. That is US $ 1.50 per head per day of the entire world population. This is an affront to the 21 century as more than a Billion people live below US $ 1.25 per day. The immediate requirement is a Post- Graduate course on Construction Auditing, Construction Auditing standards and a union for such auditors. The author hopes that this book will serve some purpose in that long exercise. The book can also be helpful to practicing construction professionals and students following construction related courses. . The other books by the author How To Win and Manage Construction Projects Published by Authorhouse Irregularities, Frauds and The Necessity of Technical Auditing in Construction Industry. Published by Authorhouse How To Be Successful At Interviews” Published by Notionpress, India.

For all courses in construction accounting and construction finance, and for courses in engineering economics taught in construction management programs. This book helps construction professionals and construction management students master the principles of financial management, and adapt and apply them to the challenge of profitably managing construction companies. It integrates content that has traditionally been taught through separate accounting, finance, and engineering economics texts. Students learn how to account for a construction company’s financial resources; how to manage its costs, profits, and cash flows; how to evaluate different sources of funding a company’s cash needs; and how to quantitatively analyze financial decisions. Readers gain hands-on experience through 220 example problems and over 390 practice problems, many of them based on situations actually encountered by the author. This edition adds more than 100 new discussion questions, and presents financial equations and accounting transactions more visually to support more intuitive learning.