CCIFP Exam Prep: Revenue Recognition

This course equips construction financial professionals with a comprehensive understanding of revenue recognition practices specific to the construction industry. Learners will gain deep insight into financial reporting requirements, percentage-of-completion accounting, contract revenues, change orders, claims, and contract costs. The course also covers the impact of changing estimates under Accounting Standards Codification (ASC) Topic 606, with a focus on real-world construction scenarios. Whether preparing for the CCIFP exam or sharpening financial acumen, participants will learn to accurately recognize, measure, and report revenue in alignment with industry regulations and best practices. This six-module course introduces the key Revenue Recognition concepts and practices that comply with current construction accounting standards. The sixth module is a comprehensive final exam that requires achieving 70% or better to earn CPE credit. You will have one year with unlimited attempts to pass the multiple-choice question assessment and earn CPE credit. You will also have one year to review the module content, resources, knowledge checks, and final exam to help you prepare for the exam. Please note that successfully completing this program does not guarantee that you will pass the actual CCIFP exam.

• Interpret key financial reporting principles and revenue recognition requirements under GAAP and ASC 606 for the construction industry.
• Apply the percentage-of-completion method and cost-based accounting techniques to measure project progress and calculate earned revenue.
• Analyze contract revenues, change orders, and claims, including how to account for modifications and delays using recognized formulas and standards.
• Monitor, allocate, and document contract costs to support profitability analysis and ensure accurate revenue reporting.
• Evaluate and implement methods for recording changes in estimates and assess their financial and contractual implications.

• Anyone preparing for the CCIFP exam
• Professionals needing to understand revenue recognition in construction
• Accountants & CPAs looking to advance in the construction industry
• Project Managers & other Construction Managers
• Controllers & Finance Managers
• Service Providers in the construction industry
• Owners of construction companies