Construction has complex revenue recognition rules and job cost accounting methods. Many companies have construction clients, but they have not dedicated the resources necessary to make construction a major practice area.
Professionals that obtain the CCIFP public accounting credential for the construction industry have demonstrated commitment to the industry and proficiency in all areas of construction financial management.
Public accounting professionals with the CCIFP designation must have a minimum of 4,000 hours of professional experience in construction in addition to showing expertise in eight knowledge domains, in which only three of the knowledge domains are accounting-related. The eight knowledge domains are:
- Accounting and reporting
- Income recognition methods
- Risk management
- Budgeting and planning
- Legal
- Human resources
- Taxes
- Information technology
When you hire a public accountant as a partner for your business, insist on a firm that has a professional with the CCIFP public accounting credential for the construction industry. If you are a public accountant, give your company a marketing advantage and certify the staff in your construction practice.
To learn more about what you should look for in a construction CPA firm, click here.