Contracts and Accounting often operate independently within contract management, leading to inefficiencies and labor-intensive data gathering for project reporting, Incurred Cost Submission preparation, and contract closeouts. In this session, we will identify common inefficiencies and discuss streamlined processes to provide accurate data without manual intervention. We will explore:  The impact of FAR clauses on both Contracts and Accounting  The use and maintenance of contract briefs to keep data current  The effect of new revenue recognition requirements on project reporting  The benefits of using contract budgets for the entire company  The necessary data for preparing accurate Incurred Cost Submissions and ensuring thorough contract closeouts Through examples of inefficiencies and manual processes, we'll provide recommendations for improvements. We encourage attendees to share their experiences with gaps in their current processes and discuss strategies they have implemented to improve efficiency. This interactive session aims to foster a collaborative environment where you can learn from industry peers and experts.

Many Federal contractors initially find Cost Accounting Standards to be difficult to understand and navigate. Our experts break down the requirements so each participant can understand:  What is CAS?  When does it apply?  What is a Disclosure Statement? This session will discuss modified vs. full CAS coverage and will also provide a high-level overview of the standards by grouping and the connection between CAS requirements and the Federal Acquisition Regulation (FAR). Learning Objectives  What are the differences and requirements for Standard, Quick, and Early contract closeouts.  What are the eight steps for a Standard Closeout Contract Complete, Verification Forms, Reports, Resolution of Outstanding Issues Final Payment De-obligation of funds Completion Statements Past Performance File Disposal  What are the basic problems that are being experienced at every step.  How can those problems be addressed.  Why quick closeouts are popular in 2024 and the impact that that process is having on the backlogs

This 3-part webinar series will cover the overview and applicability, impact on your business segments and what is required if you want to make cost accounting practice changes. Additionally, we have included case studies to provide participants with hands on experience.

This session builds on CAS Overview and Applicability with understanding the impacts to an organization's business segments. The session begins with defining the difference between a business unit and a segment and explains the pros and cons of transferring materials, supplies or services based on both cost and price. Learning Objectives: Participants will learn about the applicability of Disclosure Statements to segments, including when a Disclosure Statement is required to be completed. The session also includes a case study which will provide hands-on experience with a sample Disclosure Statement.

Once a contractor has a contract subject to full CAS coverage, it is important to understand how to make a change to a disclosed cost accounting practice. This session will include a discussion of (Learning Objectives):  What is considered an accounting practice change?  What does not meet the definition of an accounting practice change?  What are common triggers for a cost accounting practice change? Additionally, the course will dive into cost impact proposals covering when a proposal is required, the timing for submission, and how impacts are calculated. The course also includes a case study for hands-on experience with a cost impact calculation.