Accounting for and Auditing Construction Contracts
This seminar will provide a greater understanding of how to navigate some of the complexity when accounting for and auditing construction contracts
Description
Accounting for construction contracts under FRS 102 can be very complex and nuanced, causing difficulties for accountants. Consequently, professional body inspectors and cold file reviewers regularly find that it is an area where audit improvements are required. This seminar will provide a greater understanding of how to navigate some of the accounting complexity and how auditors might approach this challenging area. Topics covered will include:
- Refresher of the basic accounting requirements under FRS 102
- Challenges in determining stage of completion and applying this
- Imminent changes to FRS 102 affecting construction contracts for periods commencing 1 January 2026
- Learning points from audit file reviews,
- When might auditor’s experts be needed?