Construction Industry Resources2022-03-28T07:49:33-05:00

CICPAC members are dedicated to bringing the latest construction industry resources, published by industry experts, to our clients and friends. Below are the latest publications, white papers and reports related to Revenue Recognition, Tax Planning / Coronavirus Legislation, Compensation, and Special Topics for downloading, free of charge, for CPAs and construction industry professionals.

Our committee members are constantly working to update and create new resources, so if you have any needs, please reach out to our committee chairs to discuss.

Employee Retention Credit

Published March, 2022

Many contractors have received employee retention credits over the past year and half or are in the process of receiving employee retention credits. The intent of this white paper is to assist contractors with how to account for the ERC for financial statement purposes. Since contractors are for-profit entities there is not any specific guidance that can be looked at to determine how to account for the ERC. Thanks to our Thought Leadership Committee for their hard work.

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Implementing Leases (ASC 842)

Published February, 2022

It is time for contractors to get serious about FASB ASU 2016-02, Leases (ASC 842). The contractor’s focus should be on the impact the lease standard will have on the company, specifically bank and surety considerations, as well as specific attributes of the standard such as embedded leases, related party leases, and consolidation – when there is a variable interest entity (VIE) – and how to apply the lease accounting standard to these situations. This white paper will provide further insight to some of the key areas that you should be aware of when implementing the new standard. Thanks to our Thought Leadership Committee for their hard work.

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Tax Planning Opportunities for the Construction Industry + The Coronavirus Legislation

Published December, 2021

The Tax Thought Leadership Committee continues to monitor tax legislation. As new legislation is passed, the committee evaluates the need for either an update to formerly published documents or issues a separate stand alone white paper. We are excited to present you with our latest two white papers:

  1. 2021 Tax Planning Opportunities for the Construction Industry
  2. Coronavirus Legislation

These two publications were created by the best CPAs in the construction industry, they are offered as “go to publications” for construction CPAs, construction companies, and other professionals who serve the industry.

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Compensation Survey Report, in conjunction with PAS, Inc.

Published February, 2021

2021 RELEASE: PAS, Inc., the source for construction industry salary and benefit benchmark data, CICPAC, the CPAs Who Know Construction, and our member firms have developed this packet of the most comprehensive pay data available in the construction industry. The packet includes the following positions: Senior Project Manager, Senior Estimator, and Controller. Visit www.pas1.com for the most up-to-date compensation data and many more positions in the industry.

If you’d like to request copies from prior years, please email us and we will help you.

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Paycheck Protection Program: The Accounting Options

Published February, 2021

The intent of this white paper is to provide an overview of the four accounting options that can be used to account for the PPP Loans.

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Mobile Workforce Guidelines for Contractors

Published September, 2020

The intent of this mobile workforce guidance is to present information you need to analyze which methods provide the best result at the best price for your organization as well as some helpful tools to assist with compliance.

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The following resources include guidance on a variety of topics as they relate to the Revenue Recognition Standard (ASC 606). The publications are in order of the release date; therefore, the initial Implementation Guide which tackles the most pressing issues to construction companies is the last publication.

Retention Receivable Guidance

Published February, 2020

This white paper provides guidance on Revenue Recognition Standard (Topic ASC 606) as it relates to Retention Receivables. We discuss and clarify the question many experts have regarding retainage – “Is retention  receivable to be presented as an account receivable or a component of contract asset?”

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Using the Modified Retrospective Transition Approach

Published February, 2020

This publication provides guidance on Revenue Recognition Standard (Topic ASC 606) as it relates to the Modified Retrospective Transition Method (aka the Modified Approach). We discuss: defining the modified retrospective method, steps for implementation, documentation overview, and other guidance to help clarify this topic further.

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Combining Contracts: Specific Guidelines and Samples

Published January, 2020

This white paper discusses one of the more potentially significant points of analysis and impact for contractors relate to whether certain contracts should be combined from an accounting perspective. The new standard contains specific guidance for analyzing whether combining should occur. Importantly, and different from the potential result under previous revenue recognition guidance, combining is not optional under ASC 606.

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Practical Aspects of Uninstalled Materials

Published January, 2020

The new standard affects construction companies in unique ways, particularly in the area of purchased material. How a contractor will account for these costs under the new standard depends on a variety of factors, including how the material is classified, when the customer obtains control of the material, and whether or not the material is installed, designed and manufactured by the contractor.

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Terminology Concepts

Published January, 2020

After releasing the Implementation Guide, we realized that part of learning the standard is understanding the terminology and concepts. We compiled this Terminology & Concepts document to summarize the new terms as they relate to the old terms or to define what the new terms are referencing.

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Contract Abstract Analysis Tool

Published August, 2018

This analysis tool relates to ASC Topic 606 including certain criteria for an agreement to meet the definition of a contract. If all criteria are not met, the contract is not within the scope of ASC 606 and any consideration received would be recognized as a liability. Contracts can be written, oral, or implied. Contracts entered into at or near the same time with the same customer are combined and treated as a single contract when certain criteria are met.

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Revenue Recognition Implementation Guide

Published May, 2018

After close to three years of brainstorming, discussions and debate, research, collaboration, drafting and reviewing, this publication was created for your use. It has been written and edited by the best in the industry, it is your “go to guide” for construction CPAs and their clients. This Implementation Guide tackles the issues that are most pressing to construction companies, as they drive through 2018 and begin to understand the implications of the new standards.

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Whitepapers, Authored by our Associate Members

The following resources were created by CICPAC Associate Members who are dedicating resources to help educate on hot topics in the industry. Associate members can submit whitepapers and articles for consideration via email.

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