Advanced WIP in Construction
Jun 28, 2023 - 3:00 PM (ET) - Live, Online
Hosted by CFMA
About this Event
Wednesday, June 28 & Thursday, June 29, 2023
3-5 PM (EDT), 12-2 PM (PDT)
This four-hour concentrated course will provide an advanced view of the work-in-progress (WIP) schedule. More than a reporting tool, the WIP is a financial management tool for a construction company. This course is intended to help attendees learn strategies to turn unexpected profit fade and enhancements into predictable events.
After completing this course, attendees will be able to:
- Understand that the WIP is a dynamic tool which facilitates historical reporting and projections
- Evaluate strategies for allocating costs to contracts
- Explore issues relating to revenue recognition on contracts
- Discuss change orders and variable consideration with a focus on impacts to gross profit and revenue recognition
- Describe the role of the formal project cost review process in the outcome of the WIP
- Discuss WIP analysis techniques, tips, and tricks
- Explain the impacts of profit fade and gain over time to internal and external users of the WIP schedule
Level & Prerequisites
This is a group-internet course at the Advanced Level. Participants should have at least three years of 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. It is also recommended that attendees complete CFMA’s A 360° View of Your WIP course as a prerequisite.
Earn 4.0 CPE credits in the field of Accounting. CPE credit can only be earned by attending the live session. CPE is not available by watching the recording.
Who Should Attend?
- Project managers within construction companies who have a solid understanding of the WIP schedule and thorough knowledge of construction financial management
CFMA Colleague Discount
If you are a CFMA member and would like to enroll someone at your company in this course who is not a CFMA member, please contact CFMA at firstname.lastname@example.org for more information.
CFMA Group Discount
If you are interested in registering a group of individuals at your company, please contact CFMA at email@example.com for more information.
If you plan to view this program as part of a group and need to earn CPE credit, please contact CFMA at firstname.lastname@example.org at least one day before the start of the program.
Jeremy Nichols, CPA, CFE, CCIFP, Senior Manager, Moss Adams
Brian Barczyk, Construction Controller, Woda Cooper Companies
Brian DiPietro, CPA, CCIFP Senior Manager, Moss Adams