Accounting for major projects can be a labyrinthine task, fraught with complex issues that challenge even the most experienced accountants. The Project Accountingcourse provides a comprehensive solution to these challenges. It offers detailed guidance on creating an optimal cost collection system and accurately recording expenses and revenues within this framework. The course meticulously addresses the management of change orders, allowances, and contingencies, and clarifies the implications of GAAP requirements on critical project issues like interest capitalization and research and development costs. Additionally, it delves into the essential controls and measurements used in project accounting. This course is designed not only to provide clarity and direction in the intricate process of project accounting but also to equip participants with the skills and knowledge to handle these tasks confidently, ensuring precise and GAAP-compliant financial reporting for major projects.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Identify the key characteristics of a project.
Chapter 2
Specify the pricing calculation methods for project contracts, as well as the issues associated with the different profit recognition methods.
Chapter 3
Recognize the different types of direct costs associated with a project, as well as the costs incurred to obtain a contract.
Chapter 4
Note the circumstances under which allowances are included in a project budget.
Chapter 5
Recognize the circumstances under which interest is capitalized.
Chapter 6
Identify the circumstances under which the costs associated with internal-use software development and website development should be capitalized or charged to expense.
Chapter 7
Note the controls related to the assignment of costs and the calculation of the percentage of completion.
Chapter 8
Identify the contents of the formulas associated with the analysis of projects.
Major Topics
Overview of Project Accounting
Project, Pricing, Billing and Revenue
Project Costs
Project Cost management
Interest Capitalization
Additional Project Accounting Topics
Project Controls
Project Measurements
