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A Practical Guide to the Incurred Cost Submission...
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On-Demand Session
A Practical Guide to the Incurred Cost Submission Virtual - May 2022 - Session 1
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November 2024
December 2024
January 2025
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March 2025
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3 hours
This is session 1 of a 4 in the Practical Guide to the Incurred Cost Submission virtual course.
Government contractors subject to an Allowable Cost and Payment contract clause must submit an adequate incurred cost proposal together with supporting data for each fiscal year within six months after the end of those fiscal years. To establish final indirect rates and direct contract costs consistent with these important procurement provisions, contractors must understand all components of an adequate incurred cost proposal and the costs that must be included within these submissions.
This virtual course focuses on what contractors must know about the Incurred Cost Submission (ICS) including analysis of ICS Model Schedules, Contract Costs, and Rate Structures. It is designed to show contractors how to identify and capture all allowable costs that may be claimed for reimbursement in the prescribed format consistent with FAR Part 42 requirements, and mitigate the risk of audit problems and issues.
The instructors will provide a detailed, step by step guide to the preparation and development of the Incurred Cost Submission (ICS). It begins with an explanation of accounting requirements such as the rules for allowability and allocability required to facilitate the successful completion of an ICS. The workshop also analyzes the different types of indirect rate structures used by contractors and delineates how companies should develop and present indirect rate structures and claimed costs as a part of these submissions.
Whether you have been doing business with the Federal Government for many years or have just won your first contract award, you will be provided with the skills and tools that will help to ensure that your submission is accurate, adequate, and complete.
Learning Objectives:
Upon completion of the program you should be able to:
Prepare an Incurred Cost statement
Understand and apply the rules around allowability
Understand and apply the rules with allocability
Correctly identify data points to complete an ICS
Effectively use the Incurred Cost Electronic model correctly
NOTE: On-Demand Virtual Course sessions are not eligible for CLE/CPE credits.
About Our Experts
Chad Braley
CEO and National Managing Partner, Capital Edge Consulting
Chad Braley is the Chief Executive Officer and Founder of Capital Edge Consulting, Inc. Since its inception, Capital Edge has grown into the country’s leading firm, focusing solely on serving both foreign and domestic contractors who do business with the US Government.
Chad’s areas of expertise include the Cost Accounting Standards (CAS), Federal Acquisition Regulations (FAR), agency supplement regulations, Contractor Accounting, Purchasing, Estimating, MMAS, and EVM Business Systems, Truth in Negotiations Act, government accounting requirements Incurred Cost Submissions (ICS), DCAA Audits support and preparation, other regulatory non-compliance support, Terminations, Requests for Equitable Adjustment (REA), ERP systems and risk mitigation.
Chad graduated from the Williams School of Commerce at Washington and Lee University with a Bachelor of Science in Commerce, with a major in Business Administration.
Anthony Kim
VP, Government Compliance, CACI International Inc.
Anthony Kim has more than 20 years of experience in various cost accounting and compliance issues related to government contracts. Specifically, he is knowledgeable in the areas of government contract procurement regulations, Cost Accounting Standards, OMB Uniform Guidance, Generally Accepted Government Auditing Standards and Generally Accepted Auditing Standards.
Anthony’s industry experience includes architecture and engineering, aerospace and defense, construction, manufacturing, information technology, not-for-profits, and higher education. He has assisted clients with complex cost accounting matters, cost representations, business system implementations, expert testimonials, proposal assistance, audit support, and other regulatory compliance matters.
Prior to joining CACI International, Mr. Kim was a director at BDO USA, Baker Tilly Virchow Krause, Navigant Consulting and Partner at Capital Edge Consulting. He has also worked for KPMG as a manager for over seven years. Recently, he assisted in developing an annual DCAA conference seminar, conducted numerous training for Federal Publication Seminars, held webinars with clients and prospects on various government contract compliance matters, and served as a member of the National Defense Industry Association Contract Finance Committee in charge of regulatory and legislative updates.
He has assisted contractors and their outside counsel to resolve disputes arising under the Federal Acquisition Regulation, Cost Accounting Standards, Truth in Negotiations Act, and other accounting-related rules and regulations, and conducted independent forensic accounting investigations to evaluate allegations of fraud, accounting errors and irregularities, cost mischarging and defective pricing.
In addition, Anthony is a nationally recognized speaker who teaches classes through Federal Publication Seminars, National Contract Management Association, Virginia Society of CPAs. He has lectured on a number of topics, including Government Contract Accounting, Federal Acquisition Regulations, Cost Accounting Standards, Cost & Price Analysis, Incurred Cost Submissions, Introduction to Government Contracting, and Government Contractor Business Systems Compliance. He is a member of the National Contract Management Association (NCMA) and the National Defense Industrial Association (NDIA).
Anthony Kim holds a Bachelor of Science degree in Accounting from George Mason University.
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