SOP 81-1 -Statement of Position- Revenue Recognition

What every construction accountant should know…the importance of  Revenue Recognition and the story it tells.

Whether you are the PM, Accountant, Bookkeeper, Controller CFO or the President of your Construction company the WIP report is a tool that will help you manage your projects.

The guidelines set forth in the Statement of position 81-1 will give you the some of the knowledge you’ll need to produce and utilize the WIP report.

The purpose of this blog is to help prepare those interested in sitting for the CCIFP exam.  We’ll be discussing the SOP 81-1 along with other areas that will possibly be on the exam. This is by no means a sure guarantee anyone will pass the exam. This is so we can all study for the exam and to increase or knowledge of the construction industry accounting.

Get your copy of the SOP 81-1 by clicking the link below.
SOP 81-1
We’ll continue to add materials for review and soon study question flash cards.

We look forward to studying with you!!

Thank you,

Terry E. Kelley MBA

Author: Terry Kelley MBA

Controller in the Construction industry. Over the past 30 years I have worked as an electrician (studied 3 years at CCVTC -for Electrical) for 6 years. I've owned my own construction company for over 15 years (where I wore many hats) to include accounting and finance. And, for the remainder of my career I have and still are working as a Controller in the Construction Industry. I have earned my Bachelors degree and MBA in accounting. Now, I am working to earn my CCIFP certification. I have put together this study group in hopes of working together with other CCIFP candidates.

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