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The most common project finance construction contract is the engineering, procurement and construction (EPC) contract. An EPC contract generally provides for the obligation of the contractor to build and deliver the project facilities on a fixed price, turnkey basis, i.e., at a certain pre-determined fixed price, by a certain date, in ...
A job profitability report is like an overall profit & loss statement for the firm, but is specific to each job number. Job costing may assess all costs involved in a construction "job" or in the manufacturing of goods done in discrete batches. These costs are recorded in ledger accounts throughout the life of the job or batch and are then ...
In the United States, the authoritative literature on Construction accounting is AICPA Statement of Position SOP 81-1. 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.
A construction-to-permanent loan — also known as a one-time, single-close or construction-perm loan — is a type of mortgage for those building a home. It funds the purchase of land and the ...
The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
Construction-to-permanent or one-time/single close loan: You take out a construction loan to cover the cost of the project; the loan then converts to a “regular” mortgage, and you start making ...