Sign Up For Our Weekly Emails
Get the latest updates on special offers, courses, events, webinars and books from Federal Publications Seminars.
Sign Up
Thank You
You'll soon be receiving updates about special offers, events, & more.
Get 10% Off Your Next Purchase
Sign Up For Our Emails
Sign Up
Thank You
You'll soon be receiving updates about special offers, events, & more.
Cart
Overview

A two-day program covering accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the Federal Government. This course is designed to explain the fundamentals of Government procurement regulatory requirements that affect a Government contractor’s accounting system, with an emphasis on cost accounting by contract. The instruction outlines the components of an acceptable contract cost accounting system in consonance with critical regulations governing those requirements. The instruction also discusses methods for adapting those regulatory requirements into a well-functioning compliant cost accounting system.

The course begins with a basic understanding of the Government’s procurement approach, types of contracts, key procurement players, and other information necessary to understand the importance of a cost accounting system. More detailed discussion follows covering requirements for identifying direct costs, pooling and allocating indirect costs, capturing unallowable costs, documenting all processes, and project ledger requirements. Our instructors will outline the dangers and pitfalls of ineffective accounting practices through real-life experiences from working in the government procurement environment. This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.

One of the unique features of the course is the use of a practical case study which reinforces the application of compliant cost accounting system practices through a hypothetical Government contractor scenario. This case study will highlight cost objective identification features consistent with Government contract accounting requirements and illustrate sound practices in the design and implementation of a functioning cost accounting system. The case study and real-life experiences the instructors will share with you will help you apply what you’ve learned in the lecture. This learning methodology also facilitates discussion, questions, and answers.

Who should attend:
Compliance Officers, CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting. This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.

Learning Objectives:
Upon the completion you will be able to:

  • Demonstrate your knowledge of general cost accounting concepts
  • Develop acceptable accounting practices used by government contractors
  • Explain difference between GAAP and government contract accounting principles
  • Create and maintain compliant cost accounting practices
  • Adopt acceptable accounting system controls
  • Apply CAS and FAR regulations to accounting practices
Dates/Locations
No upcoming dates/locations at this time
Agenda
8:00 AM - 3:00 PM
Orlando Government Contracts Week
8:00 AM - 3:00 PM
Hilton Head, SC
8:00 AM - 3:00 PM
Las Vegas Government Contracts Week
9:00 AM - 4:00 PM
All other locations

1. Introduction to the Regulatory Environment

                a. Overview of the Federal Marketplace

                                1. Acquisition Cycle

                                2. The Regulatory Environment

                                3. Bid Proposals and Contract Award

                                4. Contract Performance and Closeout

                                5. Foundation Expectations of Government in Accounting Systems

                b. Main Players in Acquisition Process

                                1. Procuring Contracting Officer (PCO)

                                2. Administrative Contracting Officer (ACO)

                                3. Defense Contract Audit Agency (DCAA)

                                4. Inspector General (IG)

                c. Key Regulations Affecting Cost Accounting Systems

                                1. FAR Part 9 Contractor Qualifications

                                2. FAR Part 15 Contracting by Negotiations

                                3. FAR Part 16 Contract Types

                                4. FAR Part 31 Cost Principles

                                5. FAR Part 32 Contract Financing

                                6. Cost Accounting Standards (CAS)

                                7. Truth-in-Negotiations Act (TINA)

 

2. Establishing an Adequate Cost Accounting System

                a. Foundation Requirements

                                1. General Ledger Controls & Requirements

                                2. Financial Tracking and Profitability Evaluation

                                3. Subsidiary Systems Expectations

                                4. Chart of Accounts

                                5. Reconciliation Processes

                b. Basic Job Cost Accounting Expectations

                                1. Cost Segregation by Contract

                                2. Project Cost Ledger System

                                3. Tracking Unallowable Costs

                                4. Transaction Traceability to Subsidiary Ledgers

                                5. Requirements of SF 1408

                c. Specific Cost Accounting Provisions

                                1. Direct vs. Indirect Costs

                                                a. Understanding Direct Costs & Allocation Techniques

                                                b. Indirect Costs

                                                                (1.) Pooling Logical Cost Groupings

                                                                (2.) Selecting Appropriate Allocation Bases

                                                                (3.) Overhead vs. G&A

                                                                (4.) Intermediate Cost or Service Centers

                                                c. Consistency in Allocating Costs—CAS 402

                                2. Accounting for Unallowable Costs

                                3. Documentation Expectations

                                4. Timekeeping and Labor Charging

                                5. Billing System

                                                a. Relationship to Accounting System

                                                b. Billing Indirect Costs

                                                c. Monitoring Invoiced Amounts to Contract Ceilings

                                                d. Allowable Cost and Payment Contract Clause

                                6. Relationship of EVMS to Accounting System

 

3. Expanded Discussion of Selected FAR Part 31 Provisions

                a. Contracts Covered by FAR Part 31

                b. Selected Costs

                                1. Public Relations/Advertising

                                2. Bad Debts

                                3. Compensation

                                4. Contributions

                                5. Cost of Money

                                6. Employee Morale, Health & Welfare

                                7. Entertainment

                                8. Fines & Penalties

                                9. IR&D/B&P

                                10. Interest

                                11. Lobbying

                                12. Organization

                                13. Professional & Consultant Costs

                                14. Relocation

                                15. Rental

                                16. Selling & Marketing

                                17. Trade, Business Technical & Professional

                                18. Employee Travel

 

4. Overview of Government Contract Audits Linked to Cost

Accounting Systems

                a. Bid Proposals

                b. Accounting System Audits

                c. Provisional Indirect Billing Rates

                d. Incurred Cost Proposals

                e. CAS Compliance

                f. Estimating Systems

                g. Timekeeping & Labor Charging

                h. Billing Systems

                i. Financial Capability

                j. Purchasing System

                k. Defective Pricing

 

5. Case Study on SAMPLECO Contractor

                a. Designing Compliant Chart of Accounts

                b. Segregation & Tracking of Unallowable Costs

                c. Direct vs. Indirect Cost Identification

                                1. Identifying Direct Costs

                                2. Charging Indirect Costs to Appropriate Cost Center

                d. Indirect Cost Centers

                                1. Overhead

                                2. General & Administrative

                                3. Intermediate/Service Centers

                                4. Assigning Appropriate Allocation Bases

                e. Calculating and Tracking Actual Indirect Rates

                f. Job Cost Reports

                                1. Grouping Direct Costs by Job/Contract

                                2. Using Provisional Indirect Rates

                g. Billing System Considerations

                                1. Billing from Job Cost Summaries

                                2. Adjusting Provisional to Actual Indirect Rates

                h. Charging & Tracking Costs for Four Typical Types of Contracts

Government Contract Accounting Systems Compliance Course Curriculum

Experts
  • Courtney Edmonson
    CPA, CEO, Redstone Government Consulting
    Courtney has extensive experience with Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) compliance, evaluation and preparation of Cost Presentations, cost accounting systems setup and reviews, and policy and procedure preparation. Prior to joining Redstone Government Consulti...
    See Full Bio
  • John C. Shire
    Director, Redstone Government Consulting, Inc.
    John is a Director with Redstone Government Consulting, Inc. providing government contract consulting services to our clients primarily related to the DFARS business systems, CAS Disclosure Statements, and DCAA/DCMA compliance preparation, advisory, and defense. Prior to joining Redstone Government...
    See Full Bio
Accreditation
See Individual Courses For Available Credits
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
CPE: Continuing Professional Education
Field of Study: Specialized Knowledge
Delivery Method: Group-Live Classroom
Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.
CPE Hours
This program is eligible for: 13.0 (CPE) hours of credit
Program Level: Basic
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live
CLP: Continuous Learning Points
Approved for CLP by Defense Acquisition University
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP Hours
This program is eligible for: 11.0 (CLP) hours of credit
CLE: Continuing Legal Education
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.
CLE Hours
This program is eligible for: 11.0 (60 minutes), 13.0 (50 minutes)
Travel
No travel information is available at this time
In-House
Bring Federal Publications Seminars to your location! If you would like to offer this course in-house, please contact us.
Schedule Training
Schedule Training
Fill out this form and someone from FPS will contact you shortly. You can fill out as much or as little information as you would like. Prefer to talk to us? Call 888.865.9082.
Request a Quote
Thank You
You will be contacted shortly.
CMBOK Alignments
Leadership
Character
Collaboration
Competence
Emotional Intelligence
Vision
Management
Business Management
Change Management
Financial Management
Project Management
Risk Management
Supply Chain Management
Guiding Principles
Communication and Documentation
Contract Principles
Regulatory Compliance
Situational Assessment
Skills and Roles
Standards of Conduct
Team Dynamics
Pre-Award
Plan Sales
Plan Solicitation
Prepare Offer
Request Offers
Award
Manage Disagreements
Plan Negotiations
Price or Cost Analysis
Select Source
Post-Award
Administer Contract
Close Out Contract
Ensure Quality
Manage Changes
Manage Subcontracts
Learn
Continuous Learning
Individual Competence
Organizational Capability
Level
  • 100
    Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
  • 200
    Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
  • 300
    Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
  • 400
    Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
  • 500
    Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.