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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.
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...
A note that is called out in specific spots in the field of the drawing. It is numbered with a stylized flag symbol surrounding the number. A general note applies generally and is not called out with flags. FL Floor Level Floor Level of an existing or proposed building or concrete pad FN or F/N: flag note, flagnote; find number: 1.
Typically there are no details on these drawings. Structural notes provide information regarding general material properties (steel or wood grade, concrete strength, etc) or construction requirements (soil compaction, weld procedures, etc). The structural notes also provide information about design criteria (gravity, seismic, and wind loading). [2]
The construction documents, specifically the technical specifications, require the contractor to submit product data, samples, and shop drawings to the architect and engineer for approval. This is one of the first steps that is taken by the contractor after execution of the construction contract and issuance of the "Notice to Proceed".