Ads
related to: what is an accounting package in construction
Search results
Results from the WOW.Com Content Network
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 IAS 11 standard of International Accounting Standards set out requirements for the accounting treatment of the revenue and costs associated with long-term construction contracts. By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods .
The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
A work package at the activity level is a task that: can be realistically and confidently estimated; makes no sense practically to break down any further; can be completed in accordance with one of the heuristics defined above; produces a deliverable which is measurable; and; forms a unique package of work that can be outsourced or contracted out.
Construction is a process that consists of the creation, modification, or demolition of facilities, buildings, civil and monumental works, and infrastructure. Construction cost - the total cost to construct a project. This value usually does not include the preplanning, site or right of way acquisition, or design costs, and may not include ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
50 Divisions refers to the 50 divisions of construction information, as defined by the Construction Specifications Institute (CSI)'s MasterFormat beginning in 2004 ...
Ads
related to: what is an accounting package in construction