ICCIFP

All you need to know.

Expected Knowledge

Exam Content/Knowledge Domains

The following is a detailed outline of the eight (8) knowledge domains of the exam, with an indication of the approximate percentage of the exam devoted to each area:

I. ACCOUNTING AND REPORTING (30%)

A. Accounting standards and guidelines

B. Basic methods of accounting

C. Receivables

D. Costs in excess and billings in excess

E. Construction equipment

F. Subcontractor payables

G. Capitalized interest

H. Financial statements

I. Project management

J. Joint ventures

II. INCOME RECOGNITION METHODS (20%)

A. Financial reporting

B. Percentage-of-completion accounting method

C. Contract revenues

D. Contract costs

E. Accounting for the effects of change in estimates

F. Completed-contract accounting method

G. Independent construction audit

III. BUDGETING AND PLANNING (11%)

A. Strategic planning

B. Strategic cost management

C. Capital budgeting

D. Cash management

IV. RISK MANAGEMENT (14%)

A. Risk management responsibilities

B. Construction-related insurance

C. Surety

V. TAXES (5%)

A. Accounting methods unique to the construction industry

B. Tax filing

VI. HUMAN RESOURCES (6%)

A. Compensation

B. Employee benefit plans

C. Accounting/finance department administration

VII. LEGAL (11%)

A. Preparation and review of contracts

B. Subcontracts

C. Applicable laws

D. Warranties

E. Alternatives to litigation

VIII. INFORMATION TECHNOLOGY (3%)

A. Applications for construction management