RICS mandatory competencies - Accounting

Accounting principles and procedures M001 (Minimum Level 1)

One of the subject in my diploma course was elementary accounting. I am also an avid investor in the stock-market, reading financial reports and attending AGM. Hence, I have gained a lot of knowledge and understanding of accounting concepts and the format and preparation of management and company accounts, including profit and loss statements, cash flow statements and balance sheets. I am able to interpret company accounts and balance sheets in my area of practice.  

I had to prepare monthly cash flow statement to client when I was a consultant. When I was working for construction company I was required to prepare and submit the monthly Revenue/Expense statement for cost control purpose and present the quarterly reporting to the top management at the head office. From here I had learn how to apply appropriate accounting and regulatory standards to my reporting.

REVENUE

Project Revenue Statement - Accumulative Certified Revenue to date (Before retention) :

Forecast Cashflow (up to-date)  c/o :

Forecast Claim (Net & Accumulative)

Actual   Claim (Net & Accumulative)

Architect's Certified amount (Net & Accumulative)

EXPENSES

Estimated Current Month Project Cost/Expense Statement c/o :

1)      Work Cost/Expense

Salaries, CPF, Quota Fee, Bonus, Incentive, Allowance etc 

Wages / FWL / Labour Supply

Labour Related Costs

Materials & other supplies (Purchase order only)

Fuel, PUB & Utilities

Small Tools & Equipment

Rental of Machinery & Equipment

Depreciation

Maintenance of Motor Vehicles & Equipment

Administration & Other Expenses (Excluding Head Office Management Expenses)

2)      Payment Summary For Sub-Contractor/Supplier

3)      Accrual Expense  Summary

4)      M & E  Works Payment