Summarizing the differences - 2
Project accounting
- Should be a mandatory project service
- Takes a futuristic view
- Standards have not been established
- May or may not be subject to audit
- But should be part of any Project Success Review
- Spans the project life span
- Irrespective of the corporate fiscal accounting
- Must be delivered within a few days of the end of each reporting period
- Relies on forecasts, not accruals