A Work In Progress (WIP) report consists of an accounting schedule that’s a portion of a company’s entire balance sheet. In best practices, each accounting period has a calculated work in progress report that complies with GAAP principles.  These reports are required on projects where the Percentage of Completion (POC) accounting method is used. The WIP report typically consists of current period and project-to-date financial metrics that explain each contract the company is working on, however, the format does change from company to company.