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See Independent Accountant's Review Report.

the years ended September 30, 2017 and 2016.
for the years ended September 30, 2017 and 2016.
is obtained, and as the operating environment changes.
that the estimates used will change within the near term.
represents amounts billed in excess of revenues recognized.
estimated, revenue is recognized to the extent of costs incurred.
(Continued)
determine its best estimate of the portion that will not be collected.
FGM ARCHITECTS INC.
maintains three offices within the state of Illinois and one office in Missouri.
NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

One customer accounted for approximately 13% of gross fees for the year ended September 30, 2017.

to 10 years, using the straight-line method. Generally, maintenance, repairs and minor renewals are expensed as incurred.
the remaining balance of accounts receivable based on past experience and an assessment of future economic conditions to
customer's current creditworthiness, estimates the portion, if any that will not be collected. Additionally, management assesses
made in the period such losses are determined. Changes in job performance, job conditions and estimated profitability may
settlements are accounted for as changes in estimates in the current period. Revenue from claims is recognized when realization
Property and Equipment. These assets are stated at cost and depreciated over their estimated useful lives, which range from 3
When assets are retired or otherwise disposed of, their cost and related accumulated depreciation are removed from the
in circumstances indicate that the carrying amount of the assets may not be recoverable. There were no impairment charges for
The asset, "Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts", represents revenues recognized in
of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of amounts that will not be
accounts and the resulting gain or loss is included in income. These assets are reviewed for impairment when events or changes
measure of progress on the contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible
Management Estimates and Assumptions. The preparation of financial statements in conformity with accounting principles
is probable and the amount can be reliably estimated. When realization is probable, but the amount cannot be reliably
collected. Management individually reviews past due accounts receivable balances and based on an assessment of each
Contract costs include all direct labor, subcontracts and those indirect costs related to contract performance. General and
revenue recognition; (3) depreciable lives of assets; and (4) impairment of goodwill. Future events and their effects cannot be
predicted with certainty; accordingly/ accounting estimates require the exercise of judgment. Accounting estimates used in the
result in revisions to costs and income/ which are recognized in the period in which the revisions are determined. Changes in
excess of amounts billed. The liability, "Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts",
Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are uncollateralized customer obligations due
Revenue Recognition. The Company uses the accrual basis of accounting. Revenues from lump-sum design service contracts are
under normal trade terms granted by the Company on the basis of each customer's own creditworthiness. The carrying amount
administrative costs are charged to expense as incurred. The provision for estimated losses, if any, on uncompleted contracts is
estimated job profitability resulting from job performance, job conditions, contract penalty provisions, claims, change orders and
total labor cost for each contract. This method is used because management considers total labor cost to be the best available
recognized on the percentage-of-completion method/ measured by the percentage of labor cost incurred to date to estimate
Description of Business. FGM Architects Inc. (the "Company") is engaged in providing architectural services. The Company
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that
estimates. Significant estimates and assumptions are used for, but not limited to: (1) allowance for doubtful accounts; (2)
preparation of these financial statements change as new events occur, as more experience is acquired, as additional information
of presentation, such fiscal periods and years are described and presented in the accompanying financial statements as of and
Reporting Period. The Company's fiscal year is a 52 or 53 week period ending the Friday nearest to September 30. For simplicity
affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those
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