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Work In Progress: A Deep Dive and Advanced Perspective of WIP

Your WIP is more than just a reporting tool; it is a financial management tool for your construction company. This intensive course will provide an advanced view of the work in progress schedule and teach you strategies that will turn unexpected profit fade and enhancements into predictable events.

Chapter coordinators, contact education@cfma.org for more information or to schedule this course for their chapter. If you wish to attend a course at a CFMA chapter, see a list of upcoming courses, or visit CFMA’s Education Online website to learn more about CFMA’s web-based education.

Prerequisites:
This is a group-live program at the Advanced level. Participants should have at least three years’ experience in construction accounting, in-depth experience integrating construction contracts and estimates into a WIP schedule and a solid understanding of managing the cost review process. CFMA’s “360° View of Your WIP” program is also a recommended prerequisite.

Program Outline:

  • Revenue Recognition
  • WIP as a Dynamic Business Tool
  • Accounting for Long-Term Contracts
  • CMGC Contracts
  • Change Orders/Purchase Orders
  • Profit Fade and Fee Enhancement
  • Job Costing
  • Cost review Process
  • Analysis of WIP
  • Best Practices

After completing this course, you will be able to:

  • Explain how your Work in Progress schedule (WIP) is more than just a reporting tool
  • Discuss how different contract types are managed on your WIP
  • Show how to account for self-performed work on your WIP without double counting
  • Discuss change orders/additional purchase orders and how they impact gross profit and revenue expectations
  • Describe the role of the formal cost review process in the outcome of the WIP
  • Discuss WIP analysis techniques, tips and tricks
  • Identify the impact of profit fade and fee enhancements
  • Apply WIP best practices

CPE Credit:
This course earns 4.0 CPE credits in the Field of Accounting.

Who Should Take This Course?
This course is designed for C-level executives (including CEOs/Presidents, CFOs, COOs), Controllers, CPAs and Project Managers within construction firms that have a solid understanding of the work in progress (WIP) schedule and a thorough knowledge of construction financial management principles.

 

NASBAThe Construction Financial Management Association (CFMA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: Web site: www.learningmarket.org.