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As technology continues transforming construction industry operations, CIP automation is becoming an imperative. Companies select between these methods based on their risk appetite, available resources, type of construction activities, and reporting requirements. Here is an example to help you visualize…

Accounting standards like IFRS and GAAP also include specific guidelines around contract revenue recognition and cost accumulation that construction firms must adhere to. Companies select between these methods based on their risk appetite, available resources, type of construction activities, and…

The basis for the effort expended can be labor hours, the material used, or machine hours. For instance, if a cement manufacturing company is expanding the manufacturing unit. It will use cement from its cip accounting term own inventory, therefore,…