A two-day workshop on commercial and Government contract accounting basics for all construction professionals including executives, program and project managers, attorneys, finance and accounting specialists, engineers, and contracting administrators. Learn how:
• Understanding basic accounting and cost principles and concepts becomes a unifying, central force in the organization • Attorneys and construction professionals can strengthen their effectiveness by learning the basic concepts
Plain English Accounting and Costs for Construction Professionals
Revenue and costs dictate how you manage across the full spectrum of a construction project or contract – from bidding and proposals through performance, changes, and closeout. Whether it’s a commercial contract or a Government contract, the more you know about accounting and cost principles and concepts, the easier it is to make informed decisions. And that’s the purpose of this workshop – to assist construction professionals in understanding:
• the basics of accounting and accounting systems • how to recognize and treat revenue and costs • how to comply with regulations • how to set up internal controls • how to identify and pursue claims • how to defend against claims and counterclaims • how to calculate damages • how attorneys prepare and examine witnesses in discovery, litigation, arbitration, or settlement agreements • how to read management reports, financial, and profit & loss statements
This workshop is designed to increase and improve your effectiveness as a construction professional. You may be: • an operations or contracting professional who recognizes the need to learn more about accounting principles and concepts • a finance or accounting specialist interested in a refresher or an update • an attorney whose responsibilities include accounting, costs, and claims issues
Whether you’re an owner, contractor, CM, general counsel, company executive, engineer, manager, or administrator, you can benefit from this program. Here is an opportunity to participate in an interactive workshop. You are encouraged to bring along your questions.
In addition to other materials, each workshop participant will receive a copy of Construction Accounting, A Guide For Attorneys and Other Professionals, published by the ABA’s Forum on the Construction Industry
Agenda
1. Accounting Regulations a. The Statutory & Regulatory Framework b. GAAP c. IRS Code d. Commercial Regulations e. Government Regulations f. FAR g. DFARS & Agency Supplements h. Cost Accounting Standards i. International Requirements j. FIDIC
2. Contract Types and Contract Risk a. Firm Fixed-Price Contracts b. Cost Reimbursement Contracts c. Hybrid Contracts
3. Cost Estimating & Contract Pricing a. Cost or Pricing Data b. Truth In Negotiations Act (TIMA) c. Defective Pricing d. Cost Proposal Submissions e. Estimating Systems f. Profit Considerations g. Payment Provisions
4. Basic Financial and Accounting Concepts a. Revenue Recognition b. Treatment of Costs c. Accounting Standards d. Basic Financial Statements e. Types of Financial Reports and Expert Opinions
5. Claims and Pricing of Claims a. Time and Money Relationship b. Types of Claims c. Delay Claims d. Disruption Claims e. Acceleration f. Quantifying the Impact g. Pricing the Claim h. Additional Work Costs i. Time Costs j. Related Costs k. Proof l. Packaging the Claim m. Claim Resolution n. Treatment of Claims in Financial Reporting
6. Construction Contract Audits a. Public Sector Audits b. Agencies Who Audit c. Preparing for Audits d. Types of Audits e. DCAA Audits f. Access to Records g. Interacting with Auditors h. Audit Reports i. Resolving Audit Disputes j. Private Sector Audits k. Types of Commercial Audits l. Audit High-Risk Areas m. Job Cost Systems and Accounting
7. Legal Discovery of Accounting Information a. Determining the Parties b. Discovery of Accounting Records c. Discovery Plans & Documents d. Interrogatories e. Depositions f. Document Production Requests g. Motions and Hearings h. Legal Theories
8. Accountants as Expert Witnesses a. Retaining Accountants or Cost Experts b. Preparing for Depositions c. Defending Depositions d. Challenging Expert Testimony e. Examining Expert Accounting Testimony f. Cross-Examining Expert Accounting Testimony g. Litigation Strategies h. Simplifying Accounting Concepts in Litigation i. Settlement Considerations
9. Tying It All Together a. How Understanding Accounting and Costs Concepts Becomes a Central, Driving Force in Organizations b. What Attorneys and Construction Professionals Must Know to Strengthen Their Effectiveness in Guiding Organizations
10. Question and Answer Session
