Accounting in Contracting Companies

General Objectives: 

• Provide the participants with a background on contracting sector and its characteristics
• Introduce the participants to the accounting principles and practices used in contracting sector in accordance with the International Accounting Standards
• Introduce the participants to the financial statements and required disclosures in contracting sector in accordance with the International Accounting Standards

Target Group: 

Financial managers, accountants, and auditors in the oil companies sector


• Background on contracting sector
        -    Nature and importance of this sector 
        -    Work characteristics in this sector 

• Accounting of construction contracts
        -    Accounting policy of constraction contracts 
                   * Accomplishment ratio method 
                   * Completed-contract method 
        -   Determine profit center
        -   Determine income- revenue
        -   Determine income- cost elements 

• Accounting of contract costs 

• Pre-contract costs 

• Cost amendments 

• Estimated costs of accomplishment 
        -   Calculation of realized income
        -   Re-valuation
        -   Provision of expected losses on contracts
        -   Select a measure of accomplishment
        -   Cost of equipment and small tools
        -   Impairment of assets 

• Accounting of construction contracts in joint ventures 

        -   Accounting of transactions with the joint venture
        -   Contributions to the capital
        -   Selling to the joint venture 

• Presentation and disclosure of financial statements

Course Duration: 

20 training hours / 4 days 

For more details don’t hesitate to contact the training officer:

on telephone number 17383001
or e-mail at:  gizrmrmt.yzsizrm@gztrgizrmrmt.xln


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