Valuation of construction in progress should account for these contingencies by applying appropriate risk factors or allowances to the estimated value. This valuation is important for various purposes, including financial reporting, investment analysis, and project management. It is disclosed along with relevant information such as the nature of the construction project, the stage of completion, and any significant commitments or contingencies related to the project. Step 4: Start Depreciation CIP is classified as an asset rather than an expense, representing the company’s investment in ongoing projects. Construction projects require a specialized approach known as Construction in Progress (CIP) accounting. This account helps

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