CORFUND2603. Accounting for Work in Progress (WIP) for Contractors

This session will provide an understanding of the individual components of the work-in-progress (WIP) schedule, how those components interact, and how the WIP schedule affects contractor financial reporting, job performance analysis, and overall risk assessment.

Learning Objectives:

• Identify the purpose, structure, and key components of a contractor WIP schedule
• Recognize how the WIP schedule ties to revenue, gross profit, contract balances, and the financial statements
• Distinguish between underbillings, overbillings, estimate changes, and other common WIP movement drivers
• Recognize common WIP red flags and the questions a CPA should ask