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By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods. Until its replacement with IFRS 15 in January 2018, IAS 11 helped accountants with measuring to what extent costs, revenue and possible profit or loss on the project are incurred in each period.
In the United States, the authoritative literature on Construction accounting is AICPA Statement of Position SOP 81-1. Construction auditing is an important part of construction accounting and deals with expenses - the IRS offers a guide. IRS Construction Audit Guide . The National Association of Construction Auditors recommends this guide.
The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of accounting science. Like any equation, each side will always be equal. In the accounting equation, every transaction will have a debit and credit entry, and the total debits (left side ...
Capital costs are fixed, one-time expenses incurred on the purchase of land, buildings, construction, and equipment used in the production of goods or in the rendering of services. In other words, it is the total cost needed to bring a project to a commercially operable status.
Definition of the part via a 3D CAD model rather than via a 2D engineering drawing. Drawings may be printed (plotted) from the model for reference use, but the model remains the governing legal instrument. MBP: measurement between pins: threads, splines, gears (internal, female) (synonymous with MBW) (see also MOP, MOW) MBW: measurement between ...
The construction documents, specifically the technical specifications, require the contractor to submit product data, samples, and shop drawings to the architect and engineer for approval. This is one of the first steps that is taken by the contractor after execution of the construction contract and issuance of the "Notice to Proceed".
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A structural drawing, a type of engineering drawing, is a plan or set of plans and details for how a building or other structure will be built. Structural drawings are generally prepared by registered professional engineers, and based on information provided by architectural drawings. The structural drawings are primarily concerned with the ...