Panel 3 - Making good actual expenses ASA Conference on Shaping - PowerPoint PPT Presentation

Dec 03, 2023 •251 likes •350 views

Panel 3 - Making good actual expenses ASA Conference on Shaping Arbitral Proceedings to Deal with Recovery of Actual Expenses: the Experts View Ian Osbaldeston Geneva, 3 February 2017 Making good actual expenses ConstrucMon Claims q

Panel 3 - Making good actual expenses ASA Conference on “Shaping Arbitral Proceedings to Deal with Recovery of Actual Expenses: the Expert’s View” Ian Osbaldeston Geneva, 3 February 2017
Making good actual expenses Ø ConstrucMon Claims q What is cost? q How is cost monitored on construcMon projects? q The Experts view on audiMng cost.
Making good actual expenses Ø What is cost? q Different standard contracts have different meanings for ‘cost’. • FIDIC defines ‘Cost’ as “ all expenditure reasonably incurred (or to be incurred) by the Contractor, whether on or off Site, including overhead and similar charges but does not include profit ” q Rates? q Cost ‘incurred’ or ‘to be incurred’? Different jurisdicMons treat this differently.
Making good actual expenses Ø Costs relaMng to the works. q Labour, plant & equipment, materials, staff, overheads and subcontractors. q Costs are incurred: • Works • VariaMons • Due to increased level of resources • Due to resources required or longer • Due to resources being inefficient
Making good actual expenses Ø How is cost monitored on construcMon projects? Risk of errors? Which is right?
Making good actual expenses Ø Monitored by who? q company accountants q quanMty surveyors q accounts clerks on site Ø Different standards of reporMng q UK – Financial ReporMng Council (“FRC”) q European Financial ReporMng Advisory Group (EFRAG) q InternaMonal Financial ReporMng Standards (“IFRS”) q US Financial Accoun@ng Standards Board (FASB)
The experts view on audi:ng cost. Where to start and what to look for? Ø Where to focus? q Contract rates? q Time related resources • Staff costs – salary, benefits, • Employment costs – visas • Equipment costs – cranes, generators, • Insurances – CAR insurance, Employer’s Liability insurance etc. q Head office costs – actual or formula? • Hudson • Emden q Sampling is acceptable (but check your contract!!!!)
Sampling – the sensible approach – Time related Step 1 - Cost profile q Step 2 - How many entries? q Step 3 - Costs booked/incurred in the correct months? q Step 4 - Miscellaneous items such as peiy cash? q Step 5 - When are the periods of delay? q Step 6 - Where are the spikes/drops in cost? q
Head office costs? Actual details of the resources used should be kept q Formulas should be used as a last resort (or if the Contract says so) q

Recommend

1 2015 15 FI FINA NANC NCIAL AL RESUL ULTS Budget Actual Income $955,100 $947,489

1 2015 15 FI FINA NANC NCIAL AL RESUL ULTS Budget Actual Income $955,100 $947,489 Expenses $992,893 $978,517 Surplus / Deficit ($37,793) ($31,028) Net Cash Flow Ops ($37,793) ($31,028) PLEDGE INCOME UP 14% FROM 2014. EXPENSES

663 views • 10 slides

Making Good Presentations Making Good Presentations Essential for Crystallizing your

Making Good Presentations Making Good Presentations Essential for Crystallizing your ideas disseminating important results Presentation Skills Presentation Skills Ideas dont sell themselves; they will lie on the shelf and

133 views • 10 slides

Employers are making good use of applicants social network profiles, but should they? By

Employers are making good use of applicants social network profiles, but should they? By Angelique Carson, CIPP/US Making a good first impression when it comes to applying for a new job no longer involves simply spell- checking a resume.

280 views • 3 slides

Revenues Summary Other Financing Sources Miscellaneous Revenue Contributions & Donations from

City of Dunwoody YTD Statement of Revenues and Expenses Through June 30, 2015 Total Annual Revenues & Resources Budget YTD Budget YTD Actual YTD Variance Prior YTD Actual Flux (% of YTD (Diff from Prior ($ '000) Budget) Year)

711 views • 56 slides

Revenues Summary Other Financing Sources Miscellaneous Revenue Contributions & Donations

City of Dunwoody YTD Statement of Revenues and Expenses Through March 31, 2015 Total Annual Revenues & Resources Budget YTD Budget YTD Actual YTD Variance Prior YTD Actual Flux (% of YTD (Diff from Prior ($ '000) Budget) Year)

1.04k views • 100 slides

Revenues Summary Use of Prior Year Reserves Other Financing Sources Miscellaneous Revenue

City of Dunwoody YTD Statement of Revenues and Expenses Through October 31, 2015 Total Annual Revenues & Resources Budget YTD Budget YTD Actual YTD Variance Prior YTD Actual Flux (% of YTD (Diff from Prior Budget) Year) ($ '000)

928 views • 64 slides

Creating a Panel January 2015 by Graham Robinson Agenda What a Panel is Rules for the

Creating a Panel January 2015 by Graham Robinson Agenda What a Panel is Rules for the Digital Panel Competition Choosing Images Composition and Visual Flow Plan Layouts, Sizing and Borders Key Methods Making the

471 views • 15 slides

1 In SG&A expenses, personnel expenses decreased following a fall in performance-linked

Net profit remained at the same level as the last fiscal year mainly due to the sale of investment securities during the third quarter. 1 In SG&A expenses, personnel expenses decreased following a fall in performance-linked bonuses. 2 3

542 views • 18 slides

AICOA Holiday Gathering December 5, 2017 BUDGET Stephanie Barehand $74,597 in Expenses

AICOA Holiday Gathering December 5, 2017 BUDGET Stephanie Barehand $74,597 in Expenses Proposed Actual Budget Printing 5,700 3,069 Staff Support 6,500 6,277 Supplies 11,900 9,162 Speaker Fee / Travel 0 2,530 Facility/AV Rental

793 views • 31 slides

1 Plan Expenses: Prohibited Plan Expenses: Prohibited Transactions Transactions : w w : a

F ees, E xpenses and Revenue Sharing: Regulation, Litigation, Legislation and Best Practices presented by F F RED RED R R EISH EISH , , ESQ ESQ . . R EISH & R EICHER May 6, 2010 Plan Expenses and Compensation Plan Expenses and

462 views • 12 slides

Good Decision Making Chris Field Western Australian Ombudsman Decision Making: Principles and

The Role of the Ombudsman in Good Decision Making Chris Field Western Australian Ombudsman Decision Making: Principles and Good Practice Parmelia Hilton,11 March 2015 Ombudsman Western Australia Serving Parliament Serving Western

514 views • 27 slides

Financial Literacy Components: Income EXPENSES Budgeting Credit S What Are Your Expenses?

Financial Literacy Components: Income EXPENSES Budgeting Credit S What Are Your Expenses? S Monthly/Quarterly Bills S Discretionary Spending (Includes ATM Usage) S Future Spending Needs (Plan Ahead) S 401K-Type Retirement (Start

189 views • 6 slides

2016 Annual Meeting April 28, 2016 Making financial progress while making a difference Good

2016 Annual Meeting April 28, 2016 Making financial progress while making a difference Good Financial Performance Grew Adjusted earnings per diluted share 13%* to $1.61, versus 2014; generated positive Adjusted operating leverage of over

340 views • 18 slides

Making a Good VC Presentation All the words should not be on this slide, but with one or two

Making a Good VC Presentation All the words should not be on this slide, but with one or two sentences orally, reinforcing and extending the tagline, everyone should have a foundation for what is to come. Cardinal sin: Launching into your

264 views • 7 slides

Making Good Decisions in Medical Coding and DRG Assignment Joel Moorhead MD, PhD, CPC Goals

Making Good Decisions in Medical Coding and DRG Assignment Joel Moorhead MD, PhD, CPC Goals Review principles of good decisionmaking Identify and eliminate sources of bias Explore differences of opinion Hospitals Insurance

1.03k views • 87 slides

UPR: Making it work Panel debate with the Government of the Netherlands (15 April 2008)

UPR: Making it work Panel debate with the Government of the Netherlands (15 April 2008) Distinguished State Secretary Ms. Nebahat Albayrak, Ladies and Gentlemen, It is my privilege to exchange, on behalf of the International Commission of

262 views • 4 slides

Short-term Disability Helps you pay everyday living expenses and out-of-pocket expenses

Short-term Disability Helps you pay everyday living expenses and out-of-pocket expenses not covered by major medical plans. We provide income replacement if youre unable to work due to a covered injury or sickness. You can customize

81 views • 5 slides

EXPECTED BENEFIT What are Final Expenses? Final Expenses are what an individuals loved ones

EXPECTED BENEFIT What are Final Expenses? Final Expenses are what an individuals loved ones pay upon death to settle funeral cost and miscellaneous bills of a family member or friend. The average cost of a funeral in 2011 was estimated

315 views • 5 slides

UNIT IT 3: Overheads Distribution BY: JYOTSNA KHAITAN Direct and indirect expenses: 1.Direct

UNIT IT 3: Overheads Distribution BY: JYOTSNA KHAITAN Direct and indirect expenses: 1.Direct expenses are expenses that can be directly identified with a specific cost unit or cost center. There are few examples of direct expenses but royalties

385 views • 11 slides

Tips for Making a Good Research Presentation* Preparing your presentation If you have been

Tips for Making a Good Research Presentation* Preparing your presentation If you have been diligent in following the rubric while writing your paper, then preparing a good presentation should not be difficult. The following guidelines may be

805 views • 3 slides

How to make a good oral presentation? Making a good oral presentation is difficult It

How to make a good oral presentation? Making a good oral presentation is difficult It requires a lot of preparation It can be learned (if you invest the necessary time and energy) The first time is the most difficult one

249 views • 9 slides

Solar Power Manufacturing: Opportunities & Challenges Making It Here Conference Panel on

Solar Power Manufacturing: Opportunities & Challenges Making It Here Conference Panel on Manufacturing Opportunities in Solar Cleveland, OH July 11, 2012 Joel S. Yudken, Ph.D. Principal, High Road Strategies LLC 104 N. Columbus Street,

196 views • 15 slides

I have no actual I have no actual or potential or potential confli conflict of interest in

10/17/2017 Denise L. Davis, MD, FAACH Clinical Professor of Medicine UCSF Associate Director for Faculty Development SFVAMC Center of Excellence in Primary Care Education I have no actual I have no actual or potential or potential confli

412 views • 18 slides

Educational Advantage Making a difference in Oregon Schools: Voices from the field Amazing Panel

Healthy Resilient Staff Are Your Educational Advantage Making a difference in Oregon Schools: Voices from the field Amazing Panel Members Rainier School District Michael Carter, Superintendent Portland Public Schools Whitney Ellersick, Senior

319 views • 13 slides