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The necessity for project accounting arose as a specialised industry from the character of projects becoming treated as individual short-term individualised entities create for the goal of delivering one or more enterprise merchandise.[three] As the nature of each and every project could be various for the company-as-usual routines operate because of the company; existent administration accounting and fiscal accounting skills were being recognised as inadequate to correctly recommend within the procedure and economical reporting of a project. Hence, a fresh field emerged inside the accounting sphere – project accounting.[1]
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