Accounting for construction contracts under FRS 102 can be very complex and nuanced, even more so in light of updates to FRS 102. 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: Impact on construction contract accounting of FRS 102 revisions, for periods commencing 1 January 2026, Challenges in applying the new 5-step revenue recognition model, including determining stage of completion, Learning points from audit file reviews, When might auditor’s experts be needed?