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Course code: 000522
School of Business and Management
FIAC008 - Accounting and Tax Reporting for EPC Contracts
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Currently, this course is conducted only in an intracorporate format.
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What this course about?

The Accounting and Tax Reporting for Engineering, Procurement, and Construction (EPC) Contracts training programme offers a compelling opportunity for attendees to enhance their professional skills and value in the industry. It has been meticulously designed to address the practical and theoretical aspects of managing the financials of EPC projects, providing attendees with a comprehensive skillset that will significantly improve their career prospects.

One of the significant benefits of attending this course is the comprehensive understanding of accounting principles specific to EPC contracts. Mastering these principles is crucial for accurate financial reporting and sound decision-making, two essential components of successful project management. Additionally, the deep dive into tax implications, planning, and reporting strategies will equip attendees with the knowledge to optimise tax efficiency and ensure regulatory compliance in their projects.

Risk management is an inherent part of any project. Through this programme, attendees will gain proficiency in identifying, assessing, and managing financial risks associated with EPC contracts. This vital skillset can contribute significantly towards project success and profitability, as well as help protect organisations against unexpected financial losses.

Participants will also learn about effective cost control strategies, an essential skill for maintaining project budgets and enhancing profitability. Additionally, the course provides a thorough understanding of the financial aspects of the EPC contract award process and effective contract administration, which are crucial for securing the best contractors and managing contracts proficiently.

Lastly, attendees will gain experience in managing financial implications during project close-out, ensuring that all revenue is recognised correctly, and all financial obligations are met.

This programme is not just about learning; it's about application too. The blend of teaching methodologies, including case studies, interactive sessions, and simulation exercises, ensures attendees can apply the learned concepts to real-life EPC project scenarios.

In conclusion, this training programme is an investment with significant returns, promising not just a deeper understanding of accounting and tax reporting for EPC contracts, but also a broader perspective on project financial management. By attending this programme, participants will be taking a vital step towards a more successful career in the EPC industry.

Who is this course for?
This course is intended for professionals who are involved in the management, execution, accounting, or auditing of Engineering, Procurement, and Construction (EPC) contracts. This includes, but is not limited to:
• Project Managers: They can benefit from understanding the financial aspects of project execution, which can aid in decision making and risk management.
• Accountants and Financial Managers: Professionals who are directly involved in the financial management and reporting of EPC projects would gain in-depth understanding of accounting and taxation practices specific to this field.
• Contract Administrators and Managers: They would gain insights into the financial and tax implications of contract administration, helping them manage contracts more effectively.
• Risk Managers: The course would help them understand the financial risks associated with EPC contracts and develop strategies to mitigate these risks.
• Procurement Professionals: They would gain a deeper understanding of the financial and tax aspects when awarding contracts.
• Engineers: Those in leadership roles would gain a comprehensive understanding of the financial aspects that influence project execution and outcomes.
• Auditors: Professionals who audit EPC projects would learn the specific accounting and tax practices they need to scrutinize.
• Legal Advisors: Those dealing with EPC contracts can gain a deeper understanding of the financial aspects, aiding in drafting and reviewing contracts.
• Consultants: Professionals who advise organizations on EPC projects would find the course beneficial for providing comprehensive and financially sound advice.
This training programme is designed to cater to professionals with a basic understanding of finance and EPC projects, but it's also suitable for individuals who are keen to shift to such roles or simply deepen their knowledge of EPC project finance.
What will you learn?
  • Understand the fundamental concepts, characteristics, and significance of EPC projects from an accounting and tax perspective
  • Develop a comprehensive understanding of accounting principles specific to EPC contracts, including revenue and cost recognition
  • Gain insights into the tax implications for EPC projects, and learn effective tax planning and reporting strategies
  • Be able to identify, assess, and manage financial risks associated with EPC contracts, applying the risk probability/impact matrix to financial scenarios
  • Understand the key aspects of cost control and be able to prepare and interpret accounting reports and milestones for EPC projects
  • Get a thorough understanding of the financial aspects involved in the EPC contracts award process, including the financial prequalification of contractors, bid evaluation, and implications of LOI and LOA
  • Understand the significance of effective contract administration in financial performance, and be able to measure and evaluate EPC contract performance from a financial perspective
  • Be proficient in accounting for contract variations, claims, disputes, performance guarantees, and liquidated damages
  • Understand the financial implications during the project close-out phase, including accounting for hook-up, commissioning, and recognition of revenue at contract completion
  • Apply these learned concepts to real-life EPC project scenarios, contributing to project success and financial integrity
Courses in this discipline
Course outline
  • Overview and Significance of EPC Projects
  • Conceptual Study and Relevant Factors
  • Introduction to Accounting for EPC Contracts
  • Recognition of Revenue and Costs in EPC Contracts
  • Understanding Taxation in EPC Contracts
  • Tax Planning and Strategy for EPC Projects
  • Tax Reporting for EPC Contracts
  • Risk Review and Critical Aspects in an EPC Contract
  • Risk Assessment and Management from the Financial Perspective
  • Risk Probability/Impact Matrix Focused on Financial Risks
  • Cost Control Strategies for EPC Projects
  • Accounting for Project Costs and Cost Variance
  • Accounting for Project Costs and Cost Variance
  • Financial Prequalification of Contractors
  • Bid Evaluation - Financial Perspective
  • Understanding the Financial Implications of LOI and LOA
  • Significance of Effective Contract Administration in Financial Performance
  • Measuring and Evaluating EPC Contract Financial Performance
  • Accounting for Contract Variations, Claims, and Disputes
  • Understanding and Accounting for PGs and LDs
  • Accounting for Hook-up, Commissioning, and Project Close-out
  • Recognition of Revenue at Contract Completion
  • Finalizing Contract Financials and Reporting
Eni
Total
Eni
Endesa
Shell
Chevron
Gas Natural
Iberdrola
Eni
Inpex
Eni
Exonmobile

Training can take place in 4 formats:

  • Self-paced
  • Blended learning
  • Instructor-led online (webinar)
  • Instructor-led offline (classroom)

Description of training formats:

  • Self-paced learning or e-Learning means you can learn in your own time and control the amount of material to consume. There is no need to complete the assignments and take the courses at the same time as other learners.
  • Blended learning or "hybrid learning" means you can combine Self-paced learning or e-Learning with traditional instructor-led classroom or webinar activities. This approach requires physical presence of both teacher and student in physical or virtual (webinars) classrooms or workshops. Webinar is a seminar or presentation that takes place on the internet, allowing participants in different locations to see and hear the presenter, ask questions, and sometimes answer polls.
  • Instructor-led training, or ILT, means that the learning can be delivered in a lecture or classroom format, as an interactive workshop, as a demonstration under the supervision and control of qualified trainer or instructor with the opportunity for learners to practice, or even virtually, using video-conferencing tools.

When forming groups of students, special attention is paid to important criteria - the same level of knowledge and interests among all students of the course, in order to maintain stable group dynamics during training.

Group dynamics is the development of a group in time, which is caused by the interaction of participants with each other and external influence on the group. In other words, these are the stages that the training group goes through in the process of communicating with the coach and among themselves.

The optimal group size for different types of training:

  • Self-paced / E-learning: 1
  • Instructor-led off-line (classroom): 6 – 12
  • Instructor-led on-line (webinar): 6 – 12
  • Blended learning: 6 – 12
  • Workshop: 6 – 12
  • On-the-job: 2 – 4
  • Simulator: 1 – 2

Feedback in the form of assessments and recommendations is given to students during the course of training with the participation of an instructor and is saved in the course card and student profile.

In order to control the quality of the services provided, students can evaluate the quality and training programme. Forms of assessment of the quality of training differ for courses with the participation of an instructor and those that are held in a self-paced format.

For courses with an instructor, start and end dates are indicated. At the same time, it is important to pay attention to the deadlines for passing tests, exams and practical tasks. If the specified deadlines are missed, the student may not be allowed to complete the entire course programme.

A personal account is a space for storing your training preferences, test and exam results, grades on completed training, as well as your individual plan for professional and personal development.

Users of the personal account have access to articles and blogs in specialized areas, as well as the ability to rate the completed training and leave comments under the articles and blogs of our instructors and technical authors

Registered users of a personal account can have various roles, including the role of a student, instructor or content developer. However, for all roles, except for the student role, you will need to go through an additional verification procedure to confirm your qualifications.

Based on the results of training, students are issued a certificate of training. All training certificates fall into three main categories:

  • Certificate of Attendance - students who successfully completed the course but did not pass the tests and exams can apply for a certificate of attendance.
  • Certificate of Completion - students who have successfully completed a course could apply for a Certificate of Completion, this type of certificate is often required for compliance training.
  • Verified Certificate - it is a verified certificate that is issued when students have passed exams under the supervision of a dedicated proctor.

You can always download a copy of your training certificate in PDF format in your personal account.

You will still have access to the course after completing it, provided that your account is active and not compromised and Tecedu is still licensed for the course. So if you want to review specific content in the course after completing it, or do it all over again, you can easily do so. In rare cases, instructors may remove their courses from the Tecedu marketplace, or we may need to remove a course from the platform for legal reasons.

During the training, you may encounter various forms of testing and knowledge testing. The most common assessment methods are:

  • preliminary (base-line assessment) - to determine the current level of knowledge and adapt the personal curriculum
  • intermediate - to check the progress of learning
  • final - to complete training and final assessment of knowledge and skills, can be in the form of a project, testing or practical exam

Travel to the place of full-time training is not included in the cost of training. Accommodation during full-time studies can be included in the full board tuition fees.

While Tecedu is not an accredited institution, we offer skills-based courses taught by real experts in their field, and every approved, paid course features a certificate of completion or attendance to document your accomplishment.

You can preview samples of the training materials and review key information about the course on our website. You can also review feedback and recommendations from students who already completed this course.

We want you to be happy, so almost all purchased courses can be returned within 30 days. If you are not satisfied with the course, you can request a refund, provided the request complies with our return policy.

The 30-day money back policy allows students to receive quality teaching services with minimal risk, we must also protect our teachers from fraud and provide them with a reasonable payment schedule. Payments are sent to instructors after 30 days, so we will not process refund requests received after the refund period.

We reserve the right, in our sole discretion, to limit or deny refund requests in cases where we believe there is refund abuse, including but not limited to the following:

  • A significant portion of the course has been consumed or downloaded by a student before the refund was requested.
  • Multiple refunds have been requested by a student for the same course.
  • Excessive refunds have been requested by a student.
  • Users whose account is blocked or access to courses is disabled due to violation of our Terms and Conditions or the Rules of Trust and Security.
  • We do not grant refunds for any subscription services.
  • These refund restrictions will be enforced to the extent permitted by applicable law.

We accept most international credit and debit cards like Visa, MasterCard, American Express, JCB and Discover. Bank Transfers also may be an option.

Smart Virtual Classroom (open digital / virtual classroom).

Conducting classes is based on the fact that the teacher demonstrates text, drawings, graphics, presentations on an interactive board, while the content appears in the student's electronic notebook. A specially designed digital notepad and pen are used to create and edit text and images that can be redirected to any surface via a projector.

Classes are live streamed online, automatically recorded and published on the Learning Portal, allowing you to save them for reuse anytime, anywhere, on any mobile device. This makes it possible not to miss classes and keep up with classes and keep up with the passage of new material.

Game Based Learning (learning using a virtual game environment)

Real-life training uses the principles of game organization, which allows future professionals to rehearse and hone their skills in a virtual emergency. Learning as a game provides an opportunity to establish a connection between the learning activity and real life.

The technology provides the following learning opportunities:

  • Focused on the needs of the user
  • Instant feedback
  • Independent decision making and choice of actions
  • Better assimilation and memorization of the material
  • Adaptive pace of learning tailored to the individual needs of the student
  • Better transfer of skills learned in a learning situation to real conditions

Basic principles of training:

  • A gradual increase in the level of difficulty in the game;
  • Using a simplified version of a problem situation;
  • Action in a variable gaming environment;
  • The right choice is made through experimentation.

The main advantages of Game Based Learning technology:

  • Low degree of physical risk and liability
  • Motivation to learn while receiving positive emotions from the process;
  • Practice - mirroring the real situation
  • Timely feedback
  • Choice of different playing roles
  • Learning in collaboration
  • Developing your own behavior strategy
Laboratory workshops using remote access technologies

Conducting practical classes online using remote access technologies for presentations, multimedia solutions and virtual reality:

  • Laboratory workshops that simulate the operation of expensive bench equipment in real production
  • Virtual experiment, which is visually indistinguishable from a remote real experiment performed
  • Virtual instruments, which are an exact copy of real instruments
  • Mathematical modeling to clarify the physical characteristics, chemical content of the investigated object or phenomenon.
FIAC008 - Accounting and Tax Reporting for EPC Contracts
Language: English, Russian
Level: Foundation
mail@tecedu.org
+7 747 898 5041
+7 7182 901 933