CCIFP Knowledge Domains (updated 2020)

**The CCIFP Examination has been updated to ASC-606. It is currently being offered and is in pilot status. This means that for anyone taking the examination in January, February and part of March 2021, scoring will initially be delayed approximately 8-10 weeks while the ICCIFP conducts it standard setting to determine the cut score. Once completed, results will be sent out. Once the pilot phase is complete scores will be sent within 72 hours.**

knowledge domains ccifp

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

ACCOUNTING AND REPORTING (23%)

  • Accounting standards and guidelines
  • Basic methods of accounting
  • Receivables
  • Leases
  • Costs in excess and billings in excess
  • Construction equipment
  • Subcontractor payables
  • Independent construction audit
  • Financial statements
  • Project management
  • Gross profit analysis

INCOME RECOGNITION METHODS (21%)

  • Financial reporting
  • Percentage-of-completion accounting method
  • Contract revenues, change orders and claims
  • Contract costs
  • Accounting for the effects of change in estimates

BUDGETING AND PLANNING (14%)

  • Strategic planning
  • Strategic cost management
  • Capital budgeting
  • Cash management
  • Benchmarking
  • Succession Planning

RISK MANAGEMENT (13%)

  • Risk management responsibilities
  • Construction-related insurance
  • Surety

TAXES (6%)

  • Accounting methods unique to the construction industry
  • Tax filing

HUMAN RESOURCES (7%)

  • Compensation
  • Employee benefit plans
  • Accounting/finance department administration
  • Labor and ERISA laws

LEGAL (9%)

  • Preparation and review of contracts
  • Subcontracts and purchase orders
  • Applicable laws
  • Warranties
  • Alternatives to litigation

INFORMATION TECHNOLOGY (7%)

  • Construction management platforms
  • Evaluation, implementation, selection and integration methods
  • Cybersecurity