Financial Management Framework for Construction Contracts

International Research Journal of Finance and Economics
ISSN 1450-2887 Issue 28 (2009)
© EuroJournals Publishing, Inc. 2009
http://www.eurojournals.com/finance.htm

Financial Management of Construction Contracts
(Constructability and its Relation with TQM, Cost Shifting Risk
and Cost/Benefit)

Tauqir Haider
Tauqir Haider is a qualified Professional Accountant, Visiting Faculty member in leading Universities
of Pakistan for Finance subjects and having a wide experience on construction contracts
(Various World Bank Projects), Consultant & Visiting faculty Member
(ACMA-PAK & CMA-USA)
E-mail: tauqirhaider890@gmail.com,tauqirhaider890@hotmail.com
Tel: 92-042-5184870; Fax: 92-042-9203515

Abstract

Financial Management, Book Keeping and Recognition of Construction contracts is
now considered as a unique professional job due to its recognition by IASB (International
Accounting Standard Board) through IAS (International Accounting Standard) 11. IAS 11
specifically deals with Construction Contracts. This very standard has provided the basis
for Constructability. Constructability has received considerable attention from researchers
and practicing engineers and other professionals. This is a fact that Constructability has
been associated with Total Quality Management (TQM) and Value Engineering. This paper
attempts to conceptually describe Cost shifting Risk, Cost/Benefit analysis as well as the
evolution of constructability in relation to IAS 11.In addition, the paper presents a
framework to measure recognition of Cost and revenues related to Construction
Contracts.By providing professionals with this framework, the parameters will be visible
and defined, thus removing skepticism as to the financial management as well as enable
more consistent and uniform results to be obtained. Additionally, this paper will provide
Framework for the Preparation and Presentation of Financial Statements to determine when
contract revenue and expenses in the income statement.

Keywords: Financial Management, Constructability, IAS-11, Cost shifting

1. Introduction
A Construction Contract is a contract specifically negotiated for the construction of an asset or a
combination of Assets that are closely interrelated or interdependent in terms of their design,
technology and function or their ultimate purpose or use (“Construction Contract: IAS 11” 1995) 1.
Managing the activities of Construction contract in a productive way produces the concept of
Constructability. Constructability has been defined as the optimum use of construction knowledge and
experience in planning, design, procurement, and field operations to achieve overall project objectives
("Constructability: A Primer" 1986). As a result of constructability, the quality of a constructed facility

1
IAS 11 specifically deals with the management, Accounting and recognition of Construction contracts. Construction
contracts are given a specific identification through IAS 11.

International Research Journal of Finance and Economics - Issue 28 (2009) 43

can be improved by better communication among major project participants such as design engineers
and construction professionals. Communication among these participants reduces the chance of project
failure and other related performance problems.
Cost shifting 2 is an accidental or deliberate misstatement in a contractor’s job cost system that
can have a substantial impact on the contractor’s balance sheet and income statement. Both contractors
and their auditors should be aware of the potential impact of shifts in job costs from one contract to
another. The contractor should have a reliable job cost system in place to record contract costs
accurately. The auditor should always test contract costs and look for unusual contract costing trends.
There is considerable discussion among industry professionals as to how constructability is
related to Total Quality Management (TQM) and value engineering. This paper attempts to
conceptually describe these interrelations. It also presents a framework to measure costs and benefits
related to constructability.
Significant attention has been given to the topic of Construction Contract (IAS-11), The Construction
Management 1991, "Constructability: A Primer" 1986, “ Audit of Contract”: A Practical Guide 2005,
Constructability: An Article of Tauqir Haider in The NEWS”, “Total Quality Management in
Construction Contracts”: By James. Santee 2006, “Value Engineering and Cost Benefit: Costing
Techniques” By Houston & jordeen 2003.

2. Evolution of Construction Contract Management
Construction contract may be negotiated for the construction of a single asset such as a bridge,
building, dam, pipeline, road, ship or tunnel. A construction contract may also deal with the
construction of a number of assets which are closely interrelated or interdependent in terms of their
design, technology and function or their ultimate purpose or use; examples of such contracts include
those for the construction of refineries and other complex pieces of plant or equipment.
Construction contract include contracts for the rendering of services which are directly related
to the construction of the asset, for example, those for the service of project managers and architects;
and contracts for the destruction or restoration of assets, and the restoration of the environment
following the demolition of assets.Construction contracts are formulated in various ways such as fixed
price contracts 3 and Cost plus contracts 4.

3. Construction Contracts – Financial Management
When a contract covers a number of assets, the construction of each asset shall be treated as a separate
construction contract when:
a. Separate proposals have been submitted for each asset.
b. Each asset has been subject to separate negotiation and the contractor and customer have been
able to accept or reject that part of the contract relating to each asset.
c. The cost and revenue of each asset can be identified.
A group of contracts whether with a single customer or with several customers, shall be treated
as a single contract when:
• The group of projects are negotiated as a single package
• The contracts are so closely interrelated that they are, in effect, part of a single project with
an overall profit margin
• The contracts are performed concurrently or in a continuous sequence.

2
Cost shifting is an illegal practice that can change results and outcomes seriously.
3
A fixed price contract is a construction contract in which the contractor agrees to a fixed contract price, or fixed rate per
unit of output, which in some cases is subject to cost escalation clauses.
4
A cost plus contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined
costs, plus a percentage of these costs or a fixed fee.

44 International Research Journal of Finance and Economics - Issue 28 (2009)

A contract may provide for the construction of an additional asset at the option of the customer
or may be amended to include the construction of an additional asset. The construction of the
additional asset shall be treated as a separate construction contract when:
a. The asset differs significantly in design, technology or function from the asset or assets
covered by the original contract.
b. The price of the asset is negotiated without regard to the original contract price.

4. Cost & Revenue Recognition
Contract Revenue 5 is measured at a fair value of the consideration received or receivable. The
measurement of the contract revenue is effected by a variety of uncertainties that depend on the
outcome of the future events. The estimates often need to be revised as events occur and uncertainties
are resolved. Therefore, the amount of contract revenue may increase or decrease from one period to
the next. For example:
a. A contractor and a customer may agree variations or claims that increase or decrease contract
revenue in a period subsequent to that in which the contract was initially agreed.
b. The amount of revenue agreed in a fixed price contract may increase as a result of cost
escalation clauses.
c. The amount of contract revenue may decrease a result of penalties arising from delays caused
by the contractor in the completion of the contract.
d. When a fixed price contract involves a fixed price per unit of output, contract revenue increases
as the number of units is increased.
A variation is an instruction by the customer for a change in the scope of the work to be
performed under the contract. A variation may lead to an increase or decrease in the contract revenue.
In addition to incentive payments are additional amounts paid to the contractor if the specified
performance standards are met or exceeded.
Contract Cost 6 include site labor costs inclusive of supervision costs, cost of material used in
contract, depreciation of plant & equipment used on the contract, cost of moving plant, equipment and
material to and from the contract site, cost of hiring plant & equipment, cost of design and technical
assistance, estimated cost of rectification and claims from third party. Contract cost however can be
reduced by the incidental income. Attributable costs may include insurance, cost of design and
technical assistance and construction overheads. Non attributable costs are general admin costs for
which reimbursement is not specified in the contract or selling costs.
When the outcome of the construction contract can be estimated reliably, contract revenue and
contract costs associated with the construction contract shall be recognized as revenue and expenses
respectively by the reference to the stage of completion of the contract activity at the Balance Sheet.
Practically in Financial Management of Construction contracts PC 7-I is devised as a measure
which works as a base for all estimations and variations. As per PC-1 cost of the total construction
contract is phased along with its targeted completion stages.
Out of the total Construction cost there is a division for direct cost and indirect cost, Civil
works and phase wise cost associated with it. Mobilization advance 8 is paid at the start of the project
to the contractor so that he can mobilize the job to be done in future and this is subject to adjustment in
the Running Bills 9. Through these Bills a certain position is calculated along with its financial impact

5
Contract revenue is the initial amount of revenue agreed or variation in contract and claim or reliable measurement.
6
Contract cost directly relates to the specific contract, costs are attributable to the contract activity in general and other
costs specifically chargeable to the customer under the terms of the contract.
7
A format used to describe the cost and structure of a project. This PC-1 is required to be approved by the Planning
Commission before execution.
8
Mobilization advance is normally a certain percentage (usually 10%) of the total contract that is paid as advance to start
work on it against bank guarantee.
9
Running Bill is a periodic basis Bill which is submitted along with stage of completion for payment.


and the payment is made on the work which is certified by the concerned professionals. Some advance
payment cans also be availed on the availability of material stock which is again adjusted in future. In
the Final Bill all adjustments are done to close the matter however Bank guarantee remains in custody
up till the end of the specified period of satisfactory work.

5. Cost Shifting
It is now a day in routine to find out many corporations improperly booking assets related to
uncompleted construction contracts. To the public, it seems improbable that a qualified auditor could
simply overlook the improper capitalization of significant assets. However, traditional audit procedures
designed without construction accounting in mind can fail to detect the improper booking of assets
related to uncompleted construction contracts. Significant cost shifting can quickly cause a material
misstatement to a contractor’s financial statement and leave the contractor and the auditor open to
serious charges.
Cost shifting is an accidental or deliberate misstatement in a contractor’s job cost system that
can have a substantial impact on the contractor’s balance sheet and income statement. The most
dangerous type of cost shifting involves moving or misdirecting job costs from an unprofitable job to a
profitable job. Cash and accounts payable balances are unaffected. Accounts receivable and expense
account balances are also unaffected. In many cases, however, cost shifting can have a balance sheet
and income statement impact larger than the amount of the costs that have been shifted.

5.1. What is the Effect of Cost Shifting?
At first glance, the movement of costs from one contract to another would seem to have little or no
overall financial statement impact. It seems improbable that a substantial misstatement of profits could
occur without affecting any expense accounts. It also seems improbable that profits could swing
without booking any additional billings. However, many contractors and their auditors have discovered
the dramatic impact that cost shifting can have on a company’s financial statement. The example below
shows the substantial gross profit impact of a $200,000 cost shifting entry:

Contract A Contract B
Completed Uncompleted
Contract Contract
Before Cost Shifting
Contract Amount $1,200,000 $1,500,000
Estimated Job Costs (1,300,000) (1,200,000)
Estimated Profit ($ 100,000) $ 300,000
Billings to date $1,200,000 $ 600,000
Overbilling (Liability) - (100,000)
Revenue to date 1,200,000 500,000
Costs to date (1,300,000) (400,000)
Gross Profit to date ($ 100,000) $ 100,000
Job percentage complete 100% 33%


After Cost Shifting
($200,000 of costs are shifted from Contract A to Contract B)

Contract Amount $1,200,000 $1,500,000
Estimated Job Costs (1,100,000) (1,200,000)
Estimated Profit $ 100,000 $ 300,000
Billings to date $1,200,000 $ 600,000
Underbilling (Asset) - 150,000
Revenue to date 1,200,000 750,000
Costs to date (1,100,000) (600,000)
Gross Profit to date $ 100,000 $ 150,000
Job percentage complete 100% 50%
Increase in gross profit $ 200,000 $ 50,000

In this example, Completed Contract A improves by $200,000 due to the costs shifted off the
job. However, Uncompleted Contract B also improves because the contract is now 50% complete
rather than 33% complete. Because Contract B is incomplete, gross profit is recognized on the
percentage of completion basis. Therefore, Contract B recognizes 50% of the estimated gross profit for
the entire job ($150,000) rather than 33% of the gross profit for the entire job ($100,000). The
$200,000 cost shifting entry improved the books of the contractor by a total of $250,000.
In this example, Uncompleted Contract B received $200,000 of costs which did not belong to
that job. When Contract B is completed, it will either finish $200,000 over budget or another cost
shifting entry will occur.

5.2. Who Benefits from Cost Shifting?
Although the big corporate cases grab the headlines, most cost shifting does not occur when a
corporation tries to manipulate its balance sheet. Cost shifting occurs most frequently when field level
managers attempt to manipulate contract profitability. Cost shifting can also happen accidentally
although the consequences usually are not as severe.
Contractors often pay bonuses to their field managers and estimators based on the profitability
of completed contracts. In the above example, the estimator of Contract A might receive a bonus based
on the false assumption that the contract was profitable. Or, the superintendent of Contracts A and B
might deliberately miscode invoices from one job to another to hide losses that occurred under his
supervision.

5.3. How to Spot Cost Shifting
The only way the contractor’s balance sheet changes when cost shifting occurs is that under billings
(an asset) increase and over billings (a liability) decrease. Under billings should be rare, especially in
contracts over 50% complete. Auditors and other users of contractors’ financial statements should look
at under billings skeptically and investigate each under billing carefully.
Many users of contractors’ financial statements prepare fade schedules. A fade schedule
measures a contractor’s job profit forecasts versus the final profit on a job. At a minimum, significant
contract fades can indicate poor job profitability forecasting. At worst, contract fades can indicate cost
shifting has occurred.
Traditional audit procedures designed for non-contractors will not detect cost shifting. Tests
designed to search for unrecorded liabilities or to detect improper cutoff of expenses will only reflect
that all costs have been reported in the proper period. Tests designed to find improperly booked
billings or receivables will find no exceptions. Audit test work for cost shifting must focus on the
accuracy of job costing procedures.


5.4. Controls and Audit Steps Designed to Detect Cost Shifting
Intentional cost shifting constitutes fraud by some member of a contractor’s management. While audits
are not specifically designed to detect fraud, an auditor must test contract costs and internal control
systems. The following steps are designed to prevent or detect cost shifting:
5.4.1 Strong internal controls for job cost coding Project managers should not have free reign
to code job cost invoices without accounting review.
5.4.2 Test Job costs for accuracy – At a minimum, every audit of a contractor must include
random testing of contract costs and the related cost coding. The most significant
components of the contractor’s job costs should receive the heaviest scrutiny.
5.4.3 Compare job costs against bid documents – Every contractor should estimate contracts
in the same manner in which they record job costs. An auditor should test job costs for
significant contracts by comparing each line item of job cost against the original
forecast. Any overruns should be explained and, preferably, documented with a change
order.
5.4.4 Test revised profitability estimates against bid documents – Very often, cost shifting is
accompanied by an upward revision in contract profitability. This actually makes the
financial impact of the cost shift even more drastic. An auditor should test revised
profitability estimates against original bid estimates in the same manner in which job
costs are compared against bid documents. Cost shifting by field personnel can also
involve directing a subcontractor to invoice the wrong contract. Comparison of
subcontract costs on particular line items versus the original bid amount can help spot
this type of cost shifting.
5.4.5 Analytically test job cost components – Contractors who perform similar types of work
should have comparable costs from job to job. For instance, a grading contractor whose
overall direct costs are 40% equipment related should have about the same percentage
of equipment costs on each job.
5.4.6 Review allocations of indirect job costs – Cost shifting is often hidden in the allocation
of indirect costs such as internally-owned equipment costs, shop costs, insurance, and
labor burden. Periodic tests should be performed to ensure that each job is being
charged its fair share of indirect costs.
5.4.7 Perform a fade analysis – The best contractors tend to finish jobs at the same profit
levels at which they were forecast. Two fade schedules should be prepared. The first
measures each job’s prior period profitability forecasts against current forecasts or
actual results. The second schedule should restate prior period uncompleted contract
schedules using revised profitability figures. Each of these schedules helps an auditor
determine which contracts have had unusual fluctuations in profits.
5.4.8 Examine bid spreads – Examining bid results can help an auditor determine whether a
contractor has been awarded a job at an unusually low price. The auditor should
compare the contractor’s bid price versus the second place bidder and versus the
average bid price of all the contractor’s competitors bidding for each job. If a contractor
is more than 5% to 10% low on a job, the contractor will likely make little or no profit
on that job. Such a job is a prime target for cost shifting.
5.4.9 Compare profitability estimates against historical results – A contractor may attempt to
hide cost shifting by increasing profit estimates on uncompleted jobs. When this occurs,
the gross profit percentages on uncompleted jobs will often exceed the contractor’s
historical results. Another test for this would be to compare uncompleted contract gross
profit percentages with completed contract percentages.


5.5. An Ongoing Process
Both contractors and their auditors should be aware of the potential impact of shifts in job costs from
one contract to another. The contractor should have a reliable job cost system in place to record
contract costs accurately. The auditor should be careful always to test contract costs and look for
unusual contract costing trends.

6. Constructability
Since the formalization of constructability, constructability has been an evolving work process. Years
ago, construction and design activities were integrated within the master builder's organization. Master
builders were responsible for all project activities required to plan, design, and construct a facility.
During the planning and design phases, the master builder focused on the entire project and considered
the impact early decisions had on the construction process. In a sense, the level of design and
construction integration achieved within these organizations serves today as the model for modern
constructability programs.

7. Total Quality Management & Constructability
TQM 10 requirements may be defined separately for a particular organization or may be in adherence to
established standards, such as the International Organization for Standardization's ISO 9000 series.
TQM can be applied to any type of organization; it originated in the manufacturing sector and has
since been adapted for use in almost every type of organization imaginable, including schools, highway
maintenance, hotel management, and churches.
During recent years, the use of TQM has spread beyond the manufacturing industry to
construction. Organizations embracing TQM are adopting a management philosophy that makes
quality a strategic objective for the organization. Successful application of TQM to constructor has
increased its recognition as an effective method to improve quality and productivity.
TQM has two principal objectives: (1) customer satisfaction and (2) continuous improvement.
Within the construction industry, each party involved on a project, including the owner, constructor,
and designer, plays the role of customer and supplier of services. The owner supplies the requirements
to the designer, the designer supplies the plans and specifications to the constructor, and the
constructor supplies the built facility to the owner. A principal focus of TQM is for each supplier of
services to identify and satisfy or exceed their customer's needs in terms of cost, quality, and time.
Continuous improvement not only involves problem solving on projects but also a proactive
search for methods of completing a task more efficiently. The first step of the process is problem
avoidance. That is, looking and accounting for areas that may later cause problems. In the construction
industry, this means making a formal effort to recognize problems during the planning and design
phases instead of discovering problems during construction. The second step in continuous
improvement is identifying methods that increase productivity including technological innovations.
Both steps towards continuous improvement create progress toward more productive and
higher quality construction. However, these steps must be accompanied by a method of measuring the
progress and cost effectiveness of the TQM program. This assures that quality and productivity are not
only increased but also maintained. Measurement of cost effectiveness may also be used to increase
corporate awareness and commitment by showing the financial benefits accrued as a result of the TQM
process.
A constructability system can enhance customer satisfaction by facilitating teamwork among
owner, designer, and constructor representatives as early as the planning phase of a project. By so

10
Total Quality Management (TQM) is a comprehensive and structured approach to organizational management that seeks
to improve the quality of products and services through ongoing refinements in response to continuous feedback


doing, it provides more resources, including construction knowledge and experience, for planning and
designing a quality project that maximizes construction productivity.
Constructability is a means of continuous improvement in several respects. Maintaining a
lessons-learned database allows communication of positive and negative activities and experiences
from one project to future projects. Thus, improvements and innovations can be implemented in future
designs. Also, construction personnel may be more aware of innovations in equipment or construction
techniques that may play a key role in improving designs.
Measurement of program effectiveness is also a key aspect of both a TQM and constructability
program. This includes tabulating quantitative costs and benefits stemming from constructability and
TQM such as dollar and schedule savings, as well as recognizing qualitative effects such as higher
quality and increased customer satisfaction.
TQM and constructability both stress commitment from all personnel. This commitment must
be established from the executive level to the construction craftsmen on the site. This is a proactive
process requiring teamwork, recognition of the need for education regarding the program, and a self-
assessment regarding capabilities and resources available to achieve the desired goals.

8. Value Engineering
Implementation of value engineering 11 involves six steps:
a. information,
b. functional analysis,
c. creative,
d. evaluation,
e. planning/proposal, and
f. implementation/follow-up
The creative step involves a brainstorming session where life-cycle cost alternatives for design
components are considered.
Value engineering may be performed in two ways:
(1) proactively or
(2) reactively.
A proactive approach uses value engineering to collect ideas starting at the beginning of design.
Thus, multiple design alternatives are considered and the most cost effective selected on a continual
basis throughout the design phase. A reactive approach gathers cost effective alternatives through
design reviews by other project personnel such as constructors and other designer engineers. This is
performed after the entire design or specific component of design is complete. Thus, suggestions for
improvement require design rework.
In the building sector, often the term V.E. is synonymous with "The project is over budget and
we need to cut X Rupees from the project's scope." Some designers view V.E. as an attack on their
design.
The primary objective of value engineering is to reduce the total life-cycle cost of a facility,
whereas constructability focuses upon optimization of the entire construction process. In most cases of
industry implementation, value engineering is normally performed during the design phase of the
facility delivery process. An effective formal constructability program ideally begins during the
conceptual planning phase and continues through construction.
Constructability and value engineering differ in terms of the criteria discussed above. However,
this does not mean that they are mutually exclusive. Rather, activities within the two work processes
may complement each other in achieving their goals. This may result in construction optimization
11
Value Engineering (VE) has been defined as "the systematic effort directed at analyzing the functional requirements of
systems, equipment, facilities, procedures, and supplies for the purpose of achieving the essential function at the lowest
total (life-cycle) cost, consistent with meeting needed performance, reliability, quality, maintainability, aesthetics, safety,
and fire resistance" ( Kavanagh)


while, at the same time, achieving lowest life-cycle cost. Constructability implementation can act as a
precursor to value engineering, providing information through constructor input and lessons learned
from past projects such that value engineering may be more effective.

9. Cost Effectiveness
As with TQM, improvements of a constructability program depend upon accurate and consistent
measurements of its effectiveness. Inconsistent means of cost/benefit measurement may incorrectly
reflect the effectiveness of constructability on a project in comparison to other projects or programs in
industry. Thus, a need exists for standardized cost effective parameters so that constructability
performance may be documented and compared among projects and organizations. This section
describes a simplified framework for identifying and quantifying the costs and benefits stemming from
implementing constructability at the project-level.

10. Cost Factors
To quantify the costs of implementing constructability at the project-level, a cost estimation framework
is necessary. Cost parameters primarily consist of personnel and miscellaneous cost items. Personnel
from many organizations including the owner, constructability consultant, constructor, design engineer,
and when appropriate vendors and major subcontractors.
A common concern among parties that procure construction input is the difficulty of accurately
estimating its value or benefit. Benefits accrued through implementing constructability are often
difficult to quantify. They are typically measured through documented benefits from constructability
ideas implemented. It is relatively simple to track the cost of design, construction labor, and materials
used to complete a given design alternative. Constructability, however, involves generating ideas that
optimize the construction process. Thus, the question, how do you estimate the value of such ideas?

11. Conclusion
In Developing Countries there is an immense need of actual application of COST & MANAGEMENT
Accountants to find out the ways to improve the construction quality and its financial impacts so that
we can handle the natural disasters and other problems leading to causalities and loss of precious lives.
Summing up Total Quality Management, value engineering, and constructability are not mutually
exclusive. Instead, value engineering and constructability are complementary work processes that may
be used as key elements in achieving total quality. A coordinated effort with the application of
available standards the Financial Management Aspect as well as cost shifting can be evaluated. A
practical approach towards implementation of standards can yield desired results

References
[1] International Accounting Standard –IAS(11) Published in 2005
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York, NY.
[15] O'Connor, J.T. and Tucker, R.L. (1986). "Industrial project constructability improvement,"
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[16] Radtke, M.W. (1992). "Model Constructability Implementation Procedures," thesis presented to
University of Wisconsin, at Madison, Wisconsin, in partial fulfillment of the requirements for
the degree of Master of Science in Civil and Environmental Engineering.
[17] Rowings, J.E. and Kaspar, S.L. (1991). "Constructability of cable-stayed bridges," Journal of
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[18] Russell, J.S. and Gugel, J.G. (1992). "A Comparison of Two Corporate Constructability
Programs," accepted for publication in the ASCE Journal of Construction Engineering and
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[19] www.wikipidea.com
[20] www.comanag.com
[21] www.ocmi.com
[22] www.wisegeek.com

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