September 21, 2017

Project Accounting Framework

Project Accounting Australia is developing the Project Accounting Framework (PA Framework) to provide guidance in standardising processes, structures and functions required in a business to improve project transparency, governance and decision making.


The PA Framework will guide you through a 10 step process to achieve success for your projects:

  1. Establishing financial governance for projects
  2. Initial planning for project delivery
  3. Understanding the financial impact of a project
  4. Allowing for project workforce management
  5. Establishing a financial tracking mechanism
  6. Ensuring financial tracking consistency across business systems
  7. Tracking project benefits and ongoing operating expenses
  8. Reporting project financials
  9. Portfolio management and prioritisation of projects
  10. Review and improvement of financial processes

In order to gain the most out of the PA Framework, the business will require the integration of a Project Accountant or a Project Accounting team (dependent on the size of your business) within its Finance or Accounting department. If the organisation size does not allow for such a role, the PA Framework will provide guidance to existing Accountants and Project Managers in how to take advantage of best practices.

We’re still finalising the full PA Framework, but please register your interest to receive the introduction. Once the final PA Framework is ready, we’ll send it over.