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Construction accounting is a special form of accounting specifically tailored for the construction sector. It focuses on project-based financial management, tracking costs, revenues, and profitability for individual projects. At Pandya Kapadia Bhatt & Associates CPAs, we provide expert construction accounting services to ensure accurate financial reporting and compliance for your business.

No, construction accounting differs from regular accounting as it focuses on project-specific costs, contracts, and timelines. While general accounting manages overall financial health, construction accounting addresses unique industry challenges. PKB & Associates CPAs LLC offers specialized construction accounting services to help construction businesses manage job costing, billing, and revenue recognition effectively.

Construction is part of the real estate and infrastructure industry, covering residential, commercial, and industrial projects. It includes activities like building, renovation, and infrastructure development. PKB & Associates CPAs LLC understands the complexities of this industry and offers tailored construction accounting services to meet its unique needs.

Work in progress (WIP) or construction in progress (CIP) is valued as a non-current asset in the balance sheet under "Property, Plant, and Equipment" (PP&E). It is project costs in progress that are not yet completed. The costs are revalued to the respective asset class when they are completed.