CFMA Course Catalog

CFMA develops and provides customized education and learning opportunities for professionals in the construction industry. CFMA offers group education for new and seasoned construction financial professionals as well as non-financial professionals, including project managers, construction managers, division managers, risk managers, and supervisors.

 

If you are looking for education for yourself, view CFMA's upcoming education or browse the on-demand library

 

Who do you want to educate?

My Staff

Want to ensure your financial and non-financial employees are equipped with the knowledge they need to understand construction finance? CFMA has several courses to get your team up-to-speed quickly.

My Chapter

CFMA assists chapters in providing educational programs and workshops for construction financial professionals. All programs are CPE-credited under the National Association of State Boards of Accountancy (NASBA). 

Available Courses

This course created for those looking for an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.

Prerequisites:
This is a group-live program at the Intermediate level. A solid understanding of construction accounting and CFMA’s Basics of Construction Accounting course are recommended prerequisites.

Program Outline:

  • WIP Accounting
  • Internal Analysis
  • External Analysis

Upon completing this course, you will be able to:

  • Define the work in progress (WIP) and percentage of completion (PCM) accounting methods;
  • Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules;
  • Identify external analysis of how 3-party uses such as sureties, banks CPA’s and others to analyze your work in progress.

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


Who Should Take This Course?
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.

If you are a member please login first. Otherwise if you are not a member click here to join today.

sage_spons_by.jpg

Learn how to useacceptable accounting and reporting practices to your company’s advantage and familiarize yourself with sample contractor financial statements. In this program, we will cover associated accounting issues, control and allocation methods for overhead, benchmarking and effective performance measures, classification of direct and indirect contract costs, and recent FASB pronouncements and exposure drafts.


Program Outline:

  • Selected Financial Statement Accounting Issues
  • Control & Allocation Methods for overhead
  • Benchmarking & Effective Performance Measures

Upon completing this course, you will be able to:

  • Distinguish what constitutes acceptable accounting and reporting practices for contractors;
  • Recognize contractor financial statements, their uses, and their users;
  • Compute and interpret key financial ratios needed for benchmarking; and
  • Classify various direct and indirect contract costs.

CPE Credit:
This course grants 4 CPE credits in the Field of Accounting to eligible participants.


Who should take this course?
CFOs, Controllers & CFMs with less than 3 years on the job, Construction financial and accounting managers, Construction company owners, accounting department support staff who need a better understanding of construction accounting principles and reporting requirements, accounting professionals who need a better understanding of construction accounting principles and reporting requirements.

 

If you are a member please login first. Otherwise if you are not a member click here to join today.

CFMA’s Advanced Cash Forecasting workshop is designed for construction financial professionals who have mastered the basic concepts presented in CFMA’s Cash Management module, and who are interested in learning more comprehensive forecasting approaches.

Prerequisites:
This is a group-live program at the Intermediate level. CFMA’s Cash Management course is a prerequisite.

Program Outline:

  • Review of Cash Forecasting Principles
  • Forecasting Volume and EBITA
  • Integrating Cash Forecasting & Annual Budget
  • Developing a Backlog & “Burn-off” Schedule
  • Working with the Cash Flow Forecasting Schedule

Upon completing this course, you will be able to:

  • Forecast Cash long-term;
  • Project “burn-off” beyond current backlog; and
  • Integrate Cash forecasting with budgeting

CPE Credit:
This is a 2 ½ hour course that earns 2 ½ CPE credits in the field of Management Advisory Services.

Who should take this course?
CFOs, Controllers & CFMs with more than 3 years’ experience in construction accounting & financial management.

 

If you are a member please login first. Otherwise if you are not a member click here to join today.

Lead your company’s risk management process with recommendations from an experienced team of construction financial management and risk management experts. This program will deepen your knowledge of the risk transfer process; build a greater understanding of coverage; develop your competency and knowledge of both loss sensitive and guaranteed cost insurance programs; and provide recommendations to help you minimize risk for your firm and reduce the net impact of claims.

Prerequisites:
This program is an advanced program. A basic understanding of insurance products, surety requirements and contract risks along with at least 3 years’ experience in construction financial management are recommended.

Upon completing this course, you will be able to:

  • Articulate the risk management cycle,
  • Demonstrate and apply pragmatic methods of analyzing, purchasing and monitoring loss sensitive insurance programs, including:
  • Assessing the financial impact of a deductible program. Analyze your company’s loss experience to determine the impact of a loss sensitive program, including an assessment of the potential savings and risks, and methods to determine future impact of various loss sensitive plans. Effectively compare deductible or self-insured proposals to guaranteed cost programs.
  • Analyzing how loss reserve development impacts both paid loss and incurred loss programs. Optimize your company’s insurance and risk management programs when working on projects with Wrap-Up (CCIP and OCIP) Programs.
  • Evaluate broker/agent and carrier performance based on objective metrics.
  • Determine and implement best-in-class claims management techniques.
  • Integrate risk management with existing departments, activities, and procedures

CPE Credit:
This course earns 4.0 CPE credits in the field of Business Law


Who Should Take This Course?

  • Accountants and CPAs new to the construction industry
  • New Construction Financial Managers & Controllers
  • Accounting Dept. Support Staff
  • Project Managers
  • Construction Managers
  • Risk & IT Professionals
  • Financial Services Providers
  • Owners

If you are a member please login first. Otherwise if you are not a member click here to join today.

sage_spons_by.jpg

CFMA’s Basics of Constructing Accounting course for CFMA chapters is new and improved, featuring up-to-date information, a user-friendly design, and many added benefits! The Basics of Construction Accounting Workshop is designed for accounting professionals new to the construction industry as well as non-accounting construction industry professionals who want or need a better understanding of construction accounting processes, construction cost management systems, job costs and job cost reporting, the WIP, and the most important elements of a contractor's financial statements. This one-day class presents an introduction to the key processes that make construction accounting unique.

Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advance preparation required.

Upon completing this one-day workshop, you will be able to:

  • Identify key construction accounting principles.
  • Explain the core points of revenue recognition.
  • Discuss the importance of a job cost system.
  • Calculate earned revenue.
  • Identify what a construction company expects from its financial manager.
  • Use industry data to benchmark your company.

Here's what’s covered:

  • Industry Overview – The who, what, when & why of the construction industry
  • Terminology & Authoritative Resources – Where to get the answers & what those answers mean
  • The Contract Life Cycle – What happens when during this cycle that drives our business
  • Elements of Financial Statements – What are yours saying about your company?
  • Job Cost Reporting – What it is, what it isn’t, how to allocate costs, how to structure reports
  • Revenue Recognition – Contract value, percent complete, what drives the WIP, the effect of change orders
  • Computing Earned Revenue – What it is & how to compute it
  • Cost in Excess/Billing in Excess Analysis – The ABCs of CIE & BIE
  • Financial Statement Preparation & Analysis – What to look – and look out – for
  • Cost Reporting Analysis – Tying together all you’ve learned
  • What’s Expected of YOU?
  • Unique Policies & Practices
  • Industry Benchmarks
  • And more!

CPE Credit:
This is an 8-hour course which earns 8 CPE credits in the field of Accounting.

Who Should Take This Course?
Accountants and CPAs new to the construction industry; New Construction Financial Managers & Controllers; Accounting Dept. Support Staff; Project Managers, Construction Managers, Risk & IT Professionals, Financial Services Providers, Owners, and anyone who would benefit from an understanding of the fundamental construction accounting processes.

Here’s what you can expect:

“The Basics” Workshop begins with an overview of the construction industry, then moves from the contract life cycle to job costing issues to financial reporting concerns and beyond. The workshop uses a sample contractor, a variety of problems, and several exercises that enable participants to evaluate real-life situations. But, this is not purely a "textbook course." As a participant, you are encouraged to share your own perspectives and to trade “war stories” during the case studies and general discussion segments of the program. You’ll come away with a deeper and broader understanding of construction accounting and financial management.

If you are a member please login first. Otherwise if you are not a member click here to join today.

This course is designed for accounting professionals new to the construction industry, as well as non-accounting construction industry professionals who want or need a better understanding of construction accounting processes, construction cost management systems, job costs and job cost reporting, the WIP, and the most important elements of a contractor's financial statements. This eight-hour course provides an introduction to the key processes and practices that make construction accounting unique.

Prerequisites:
This is a group-live program at the Basic Level. No prerequisites or advanced preparation required.

Upon completing this one-day workshop, you will be able to:

  • Identify key construction accounting principles.
  • Explain the core points of revenue recognition.
  • Discuss the importance of a job cost system.

CPE Credit:
This course earns 8.0 CPE credits in the field of Accounting

Who Should Take This Course?

  • Accountants and CPAs new to the construction industry
  • New Construction Financial Managers & Controllers
  • Accounting department support staff
  • Project Managers
  • Construction Managers
  • Risk & IT Professionals
  • Financial Services Providers
  • Owners
  • Anyone who would benefit from an understanding of the fundamental construction accounting processes

If you are a member please login first. Otherwise if you are not a member click here to join today.

Did you know that it’s possible for a construction company’s Controller/CFO to generate more profit for the company than a PM does on a construction project? It’s true. Effective cash management is the key. This course covers the cash flow life cycle, ways to optimize cash flow, and cash forecasting techniques.

Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.


Program Outline:

  • The Cash Flow Life Cycle
  • How to Optimize Cash Flow
  • Cash Forecasting

Upon completing this course, you will be able to:

  • Explain the value of cash flow management
  • Establish and use internal controls
  • Recommend and apply sound cash management techniques

CPE Credit:
This is a 4-hour course that earns 4.0 CPE credits in the field of Management Advisory Services.


Who should take this course?
People new to the industry or new to job costing, CFOs, Controllers & CFMs with less than 3 years’ experience, Construction financial & accounting managers, Accounting personnel, Construction company owners, CPAs who need a better understanding of cash management as it pertains to construction companies, and professionals in other areas (Surety, Insurance, Banking, etc.) who need a better understanding of sound cash management principles as they pertain to construction companies.

If you are a member please login first. Otherwise if you are not a member click here to join today.

This 8-hour intensive program is delivered in four 2-hour segments and provides an overview of the body of knowledge that every CCIFP should know. Take-aways include the seminar workbook, plus CFMA’s Study Guide for the CCIFP Exam, and 8 CPE credits!

Prerequisites:
This is a group-live program at the Intermediate level. At least three years of industry experience & a basic understanding of construction accounting & financial management is recommended.

Program Outline:
 
Account & Reporting:

  • Accounting standards & guidelines
  • Basic methods of accounting
  • Receivables
  • Costs in excess & billings in excess
  • Construction equipment
  • Subcontractor payables
  • Capitalized interest
  • Financial statements
  • Project management

Budgeting & Planning:

  • Capital budgeting
  • Cash management
  • Strategic planning
  • Strategic cost management

Human Resources:

  • Compensation
  • Employee benefit plans
  • Accounting/finance department administration

Information Technology:

  • Applications for construction management

Taxes:

  • Accounting methods unique to the construction industry
  • Tax filing

Income Recognition Methods:

  • Financial reporting
  • Percentage-of-completion accounting method
  • Contract revenues
  • Contract costs
  • Accounting for the effects of change in estimates
  • Completed-contract accounting method

Legal:

  • Preparation & review of contracts
  • Subcontracts
  • Warranties
  • Alternatives to litigation

Risk Management:

  • Construction-related insurance
  • Surety

Plus:

  • Ways to maximize your study time
  • How to overcome test anxiety
  • What to expect on exam day
  • And MUCH MORE!

Upon completing this course, you will be able to:

  • Identify topic areas that comprise the “Body of Knowledge” for CCIFPs;
  • Identify the most important topics, concepts, calculations, etc., that a CCIFP should know;
  • Benchmark your own level of knowledge against that of a CCIFP; and
  • Target your study efforts in critical areas in order to broaden & deepen your mastery of these topics.
CPE Credit:
This course provides 4 CPE credits in the field of Accounting & 4 CPE credits in the field of Specialized Knowledge, for a total of 8 CPE credits. 


Who Should Take This Course?
Any CPAs or other accounting professionals who are going to sit for the industry exam.

If you are a member please login first. Otherwise if you are not a member click here to join today.

You don’t need to be a lawyer to read a contract (though you absolutely want one to), but you do need to understand what you are reading. You also need to understand the major differences between the AIA documents and the new Consensus DOCS. This course will help you learn which clauses to look out for so you can protect your company’s bottom line.


Prerequisites:
This is a group-live program at the Basic level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.

Program Outline:

  • Contract Basics
  • Construction Contract Subjects
  • How the Deal Can Change
  • Defaults, Claims and Remedies
  • Owner Architect Agreements
  • Construction Liens
  • Contract Boilerplates

Upon completing this course, you will be able to:

  • Understand construction contracts;
  • Understand how contracts shift risk;
  • Identify clauses that may be unforseeable and why;
  • Recognize contract clauses that can hurt you;
  • Propose specific language to manage your risk;
  • Modify contract language to your advantage;
  • Select the standard clauses you should use;
  • Use your lawyer more efficiently

CPE Credit:
This is a 4-hour course that earns 4.0 CPE credits in the Field of Business Law.


Who should take this course:
CFOs, controllers, contract administrators and contract negotiators at all levels of experience, Construction company owners and members of leadership team, Superintendents, project managers and other in-house staff who monitor or apply contract language on a job, and Risk management personnel who assess contract risks.

If you are a member please login first. Otherwise if you are not a member click here to join today.

In this course, you will gain an attorney’s view of how dangerous risks can be avoided with specific contract language that will minimize your company’s liability exposure. Learn about various case dispute situations and how the contract clauses respond to real-case examples plus best practice approaches to manage the circumstances. Participants will have the opportunity to collaborate with the instructors on sample construction project scenarios and determine potential consequences because of the contract definition and legal requirements.

Prerequisites:
It is recommended to have taken CFMA's Contracts 101 course for a foundation. This is an advanced program. Attendees must have experience in working with their company’s contracts and possess knowledge of contract language and clauses. Attendees will actively participate in contract reviews and issue spotting activities.


Upon completing this course, you will be able to:

  • Expand your understanding of significant contract subjects
  • Acquire a bank of sample language to use in negotiating owner-contractor and contractor-subcontractor contracts
  • Understand how risks can be created and avoided by specific—and sometimes overlooked—contract language

CPE Credit:
This course earns 4.0 CPE credits in the field of Business Law


Who Should Take This Course?

  • CFMs
  • CFOs
  • Controllers
  • Risk Managers
  • CPAs
  • General Contractors
  • Subcontractors
  • Suppliers

If you are a member please login first. Otherwise if you are not a member click here to join today.

This course provides the financial management essentials of the construction business to non-financial managers to enable them to track and interpret the financials throughout the lifecycle of a construction project. The program explores the detailed elements for financial tracking, monitoring, communicating and adjusting as the construction project evolves – all while carefully balancing budget and forecasting financials. The objective of this course is to provide nonfinancial construction managers with a solid understanding of the essential financial aspects of managing any project in order to ensure its successful conclusion.

Prerequisites:
This is a group-live program at the Basic level. A basic understanding of the construction project process and construction financial management is recommended.

Program Outline:

  • Project Risk Assessment
  • Contracts, Billings and Cash Flow
  • Project Costing and Forecasting
  • Financial Statement Overview

Upon completing this course, you will be able to:

  • Identify the risks that need managing for the steps of the project life cycle
  • Apply the recommendations for managing contract billing for positive outcomes
  • Integrate job cost systems to capture and project costs to align with the budget
  • Employ recommendations for successful change order management to maintain construction project profitability
  • Implement the steps of project forecasting and managing a project forecast meeting
  • Calculate percent complete and earned revenue
  • Describe the purposes and components of financial statements and implement rules that apply to each statement
  • State the interested parties of financial statement information

CPE Credit:
This program provides 4 CPE credits in the field of Specialized Knowledge & Applications.


Who Should Take This Course?
This course is designed for new Construction Finance Managers, Construction Project Managers, Project Accountants and leaders of construction firms who are non-financial managers.

If you are a member please login first. Otherwise if you are not a member click here to join today.

sage_spons_by.jpg

The success of a construction project results from the contributions and strength of the entire team -- including the financial manager. It requires open communication, understanding and collaboration. Managing, tracking and forecasting the financial results on a construction project require understanding each phase of the project. This program teaches construction financial professionals the language of construction project management, how the information available relates to each phase of the project, and provides an expert’s insight on what can go wrong. This course will take you on a journey through a sample job and map it through every project phase including making adjustments and alignment of financials/data, and how to best collaborate with the project manager to deliver the most profitable results.

Prerequisites:
This is a group-internet based program at the Basic Level. No prerequisites or advanced preparation required. A basic understanding of construction accounting & financial management is recommended.

Program Outline:

  • Introduction to Project Management
  • Phase 1: Project Selection & Acquisition
  • Phase 2: Contract Award
  • Phase 3: Contract Performance & Managing the Process
  • Phase 3: Change Orders
  • Phase 4: Contract Completion
  • Wrap Up / Q&A

Upon completing this course, you will be able to:

  • Explain the structure and activities required for successful project management.
  • List the project management steps and discuss the importance of collaboration with other construction project stakeholders.
  • Identify potential project risks at all stages of the process.
  • Describe all aspects of the Contract Life Cycle including all facets of project bid, acquisition, contract initiation, construction and completion, including both operational and financial aspects.
  • Discuss opportunities to improve communication to enhance project performance and safety.
  • Implement lessons learned, and incorporate proven principles and best practices for successful project management.

CPE Credit:
This program provides 1 CPE credit in the field of Finance and 3 CPE credits in the field of Management Services.


Who Should Take This Course?
Financial managers and other professionals who work with construction projects and/or interface with project managers, operations, risk/insurance, and legal departments. It is also ideal for those individuals who may have managed financials for non-construction related industries and may also include surety, banking and insurance professionals.

If you are a member please login first. Otherwise if you are not a member click here to join today.

CPAs in public practice are learning the nuances of the New Revenue Recognition Standard, ASC Topic 606, Revenue from Contracts with Customers, as it relates to accounting for construction companies. By taking this course, contractors, CFMs, business owners, project managers and estimators will learn about the new Revenue Recognition standard and how the new information impacts job cost accounting and financial reporting.

Prerequisites:
This is a group-internet based course at the Overview level. At least three years of industry experience and a basic understanding of construction accounting and financial management are recommended.


Upon completing this course, you will be able to:

  • Identify performance obligations
  • Know why and how to identify contract modifications and cost
  • Learn acceptable measures of progress

CPE Credit:
This course earns 8.0 CPE credits in the field of Accounting


Who Should Take This Course?
Financial managers and other professionals who work with construction projects and/or interface with project managers, operations, risk/insurance, and legal departments. It is also ideal for those individuals who may have managed financials for non-construction related industries and may also include surety, banking and insurance professionals.

Learn how to design and implement an effective risk management strategy for a construction company. This course is an introductory level course that is 4 hours and earns 4.0 CPE credits.


Prerequisites:
A basic understanding of the construction project process and construction accounting and financial management.


Program Outline:

  • Insurance
  • Project Bidding
  • Safety/Loss Control
  • Claims Management
  • Contract Administration
  • Legal Issues

Upon completing this course, you will be able to:

  • Discuss practical techniques for risk management
  • Design an effective risk management strategy for your company or customer
  • Explain the insurance renewal process
  • Manage the "insurance year"

Who should take this course?

  • CFOs, Controllers & CFMs with less than 3 years' experience
  • Project Managers
  • Risk Managers
  • Safety Officers
  • Construction financial and accounting managers
  • Accounting and risk department support staff
  • Accounting professionals who need a better understanding of construction risk management requirements.
  • Professionals in other areas (Risk, Project Management, IT, etc.) who need a better understanding of construction risk management requirements.

If you are a member please login first. Otherwise if you are not a member click here to join today.

Prequalification programs have been well established for a long time, but questions still persist for many in how to choose the best subcontractor, and likewise as a sub, how to put in your best effort to get the job. This session will take a deep dive into learning the prequalification process. Learn why some General Contractors (GCs) worry about Subcontractor failure? And for Subcontractors, learn how to become more comfortable with sharing financial information. Gain insight into best practices your company can implement to make your financial statement picture perfect.


Prerequisites:


Upon completing this course, you will be able to:

  • Take steps to make the prequalification process successful in your company’s culture.
  • Identify the types of information requested and how it’s used.
  • Evaluate the process in companies who have developed a successful prequalification process to identify best practices.

Who should take this course?

If you are a member please login first. Otherwise if you are not a member click here to join today.

Suicide Prevention Integration Training: Awareness & Action
Two-Part Program for Chapter Delivery

For more information contact Elizabeth Lachowicz or call: 609-945-2435

Part One: Awareness (2 hours)

Description: In Part One of this two-part program you will increase your awareness of a very critical issue facing the construction industry today – the incidence of suicide deaths of our workforce. You will learn why suicide prevention is crucial to your business, your employees, and their families. Suicide prevention protocols will be required to mitigate the 12 risk factors impacting our workers. This session will increase your understanding of the risk factors of our industry, and what you and your company can do to reduce them. You’ll leave equipped to share this important message back at work and begin the dialogue.


Part One Learning Objectives:

  1. Discuss the business need for addressing Suicide Prevention in the workplace.
  2. Explore underlying issues that create production, safety issues, and performance problems:
    1. Identify suicide risk factors in the construction industry.
    2. Describe mental health issues related to suicide.
    3. Demonstrate how mental illness is a physical illness.
  3. Recognize warning signs and determine appropriate actions to address issues and risks.
  4. Understand and provide access to resources available.

Level & PrerequisitesThis program is open to any and all CFMA members and guests.

CPE CreditsThis program offers CPE credits as may be applicable to your state.

Who Should AttendEVERYONE! CFOs, Controllers, Accountants, Risk/Safety Managers, HR Managers, Construction office staff, and all CFMA Associate Members with Contractor Clients.

 

Part Two: Action (2 hours)

Description: In Part Two of this two-part program you will build on the suicide prevention awareness and business case for suicide prevention discussed in Part One. You will discover how the 12 risk factors common to construction play a critical role in Human Capital Risk Management, and the impact of the Up-, Mid- and Down-Stream approaches to suicide prevention.  Hands-on exercises will help you determine where your company stands in making suicide prevention a part of the health, safety, and well-being of the organization.  You will collaborate with your colleagues to identify actions to be taken, who should be involved, and what obstacles may arise. You will be given specific strategies to implement should one of your employee's attempt or, in a worst-case scenario, die by suicide.


Part Two Learning Objectives

  1. Review the “Why Construction” question/industry risk factors.
  2. Explore the Human Capital element associated with this topic.
  3. Review the Warning Signs attributable to an employee at risk.
  4. Illustrate the Up-, Mid-, & Down-Stream approach to protective systems.
  5. Use a Needs Analysis & Integration Checklist for your organization:
    • Differentiate roles & responsibilities among key company personnel.
    • Develop an Action Plan based on the needs analysis.
  6. Discuss postvention strategies should a suicide or crisis occur.
  7. Identify resources and tools available.

Level & PrerequisitesThis program is open to any and all CFMA members and guests. It is recommended that attendees have taken Part One of this two-part program, or engaged in a Suicide Prevention Summit, or Conference Session.

CPE CreditsThis program offers CPE credits as may be applicable to your state.

Who Should Attend: EVERYONE! CFOs, Controllers, Accountants, Risk/Safety Managers, HR Managers, Construction office staff, and all CFMA Associate Members with Contractor Clients.

If you are a member please login first. Otherwise if you are not a member click here to join today.

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.

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

Upon 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.

 

If you are a member please login first. Otherwise if you are not a member click here to join today.

 

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: www.NASBARegistry.org.

Schedule a Course

CFMA will help you get your course scheduled and provide the necessary materials for the courses. To schedule a CFMA course for your chapter, company, or association, please contact Becky Riedesel at rriedesel@cfma.org or call 609-945-2433.

 

Educational Partner

CFMA is proud to recognize and thank Sage for being our Educational Partner