Real Estate and Construction Industry Developments Audit Risk Alert--2011/2012 Audit Risk Alert

Find out about important issues affecting the real estate and construction industries and how current developments affect auditing in these industries. This Audit Risk Alert focuses on current and emerging practice issues and current economic, accounting and auditing developments affecting real estate ventures and construction contractors and those who audit those entities.

New accounting and auditing guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

• FASB/IASB Exposure Draft, Revenue from Contracts with Customers
• FASB/IASB Exposure Draft, Leases
• SAS No. 118, Other Information in Documents Containing Audited Financial Statements
• SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole
• SAS No. 120, Required Supplementary Information
• SAS No. 121, Revised Applicability of Statement on Auditing Standards No. 100, Interim Financial Information
• FASB ASU No. 2009-17, Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
• FASB ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses

To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This alert helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

This Alert is intended to be used in conjunction with the Audit Risk Alert General Accounting and Auditing Developments—2011/12 (product no. 0223311), which explains important issues that affect all entities in all industries in the current economic climate. General topics include recently issued ASUs on receivables, fair value, business combinations, troubled debt restructuring and goodwill, and emerging audit risks such as those associated with the billion dollar structured securities industry.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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