Cost Control for Project Accounting

2014

Cost Control for Project Accounting and Financial Management 1

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Overview During the execution of a project, procedures for project control and record keeping become indispensable

tools to managers and other participants in the construction process. These tools serve the dual purpose of

recording the financial transactions that occur as well as giving managers an indication of the progress and

problems associated with a project. The problems of project control are aptly summed up in an old

definition of a project as "any collection of vaguely related activities that are ninety percent complete, over

budget and late." The task of project accounting is to give a fair indication of the existence and the extent of

such problems.

This course is designed to equip participants with the critical skills and knowledge required to effectively

manage resource costs associated with their projects while delivering quality outcomes on a timely

basis. Specifically, the course introduces a number of management accounting concepts and techniques

that can be used to analyze how projects consume resources, create value for a firm and its customers,

and how this value may be enhanced. During this course participants should learn accounting concepts

and the accounting cycle as they apply to projects, understand and analyze financial statements, plan and

manage project revenue and cash flows, engage in project budgeting and project cost control including

variance analysis, analyze project financing options, and evaluate capital investment projects.

Who Should Attend Professionals in the field of finance and accounting, accountants at all levels seeking to enhance practical

finance and accounting knowledge, certified financial and accounting personnel.

Course Outcomes On satisfying the requirements for this course, participants should have the knowledge and skills to:

Prepare and analyze financial data and financial statements;

Learn about cost control systems and establish cost accounts at the project level;

Undertake the forecasting of project cash flows and to translate this into project budgets and plans;

Deal with the way borrowing, interest, and the time value of money influence financing decisions;

Perform project investment evaluation;

Tolerate ambiguity in managerial and organizational problem-solving.

Calculate schedule using PERT and the critical path method (CMP)

Evaluate a project by using earned value management to identify the time and cost

Describe the building-block concepts of costing systems

Apply job costing and contract costing techniques to project management

Our Approach The course will be structured around case studies, practical examples and exercises.

Cost Control for Project Accounting and Financial Management 2

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Course Content:

The project life cycle

Project Parameters

Planning of project; preparing work break down structures

Role of accounting in project management

Typical project accounting services and required skills

Financial Criteria for project selection; financial analysis using Accounting rate of return, Payback

period, Internal Rate of Return and Net Present Value methods

Cost estimation and budgeting

Resource allocation and estimating

Scheduling

The Baseline

Budgeting problems of project

Planning cost dimension; identification of direct and indirect project costs

Budgeted Cost

Estimated total cost

Cost Committed and Cost Exposure

Cost to Date

Over or (Under)

Accounts payable integration

Accounts receivable integration

General Ledger posting

Projects and cost centers

Inventory Integration

Sources of cash flow for a project

major accounting entries and financial reporting

Accounting issues on project completion; disposing equipment, material

closure of project books

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Training Techniques’:

Presentation. Discussions. Exercises. Case Studies.

Language of Instruction

Unless otherwise stated the program instruction is in Standard Day-to-Day English. Participants can

request the instructor to provide a program vocabulary which will ensure they have no problem

understanding the content and can be facilitated a little bit by using Arabic language when necessary.

Duration: 4 Days

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Training Facilitator:

Abdul Aziz Othman,

Academic Background

Mr. Abdul Aziz earned a B.A. in finance and economics from American University of Beirut AUB and a dual

M.B.A. in Finance and Professional Accountancy from University of North West London - UK, where he

was awarded academic fellowships in both departments.

Experience Mr. Abdul Aziz is financial advisory expert and executive at Crowe Horwath LLP, a leading CPA and

professional services firm. Mr. Abdul Aziz possesses a unique background combining senior experience in

financial advisory services (securities/business valuation and restructuring consulting) and investment

banking (M&A corporate finance).

Mr. Abdul Aziz has over 10 years of audit and accounting experience and is responsible for the Firm's

Auditing and Accounting practice. Mr. EL Abdul Aziz has extensive experience and knowledge in auditing

and consulting for many government and commercial agencies. He has authored many audit and

accounting courses and has been a frequent speaker and lecturer at many professional organizations. In

2009, Mr. Ahmed was awarded Instructor of the Year for Syria University.

Throughout the past eight years he has been providing training courses as a freelancer; during that period

he had been exposed to different business cultures and norms of the different countries in the ME.

Researches:

How to make a decision between standardization and customization in international firms (2007 UK)

World financial crises (Syria2009)

Quality management in Islamic Banks (Syria 2012)

SME development in Oman (2013Oman)

Language skills

Fluent in spoken and written Arabic, English and French.

Cost Control for Project Accounting and Financial Management 5

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Recent Teaching and Public Speaking

Petroleum Project Economics & Decision Making Mastering Finance for Non-Financial Managers in the Petroleum Industry Auditing in the Exploration & Production Industry Budgeting & Cost Control in Petroleum Companies Exploration & Oil Production Accounting Accounting in Petroleum Organizations Financial Control & Analysis for the Oil Industry

International Accounting Standards Modern Financial Management Assets Management Cash Management Recent Trends in Planning & Financial Management Recent Trends in Cash Management & Investment Capital Planning Accounting for Non Accountants Advanced Accounting Modern Accounting Problem Solving & Decision Making Accounting Analyzing & Reporting Company Accounts Financial Reporting Systems Financial Skills for Non-Financial Managers Basics of Finance & Accounting for Non-Financial Managers Modern Financial Accounting

Managerial Cost Accounting Cost Accounting & Productivity Cost Control & Cost Reduction Cost & Management Accounting Labor Cost Accounting Strategic Cost Management Designing & Developing Managerial Cost Information Systems The New Techniques for Management Accounting Cost Reduction & Performance Evaluation in Companies

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Internal Auditing & Control Financial Analysis for auditors

Recent Trends in Cash Management & Investment Effective Budgeting & Cost Control Corporate Budgeting Financial Analysis & Budgeting Budgeting Skills for Non-Financial Managers

Conducting Feasibility Studies Feasibility Studies & Project Evaluation

Cost Control for Project Accounting and Financial Management 7

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Registration:

Date:

27 April , 2014

Venue:

EBC Training Center , Muscat

Duration:

4 Days

Registration Fees:

OMR 450

Fees Include:

Training Materials ( Soft & Hard Copies )

Coffee Breaks

Course Certificate