This is session 3 of 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

This live virtual course is eligible for both CLE and CPE credit.
NOTE: CPE/CLE credit for attendees are subject to participation and approval by the governing boards. NASBA CPE ACCREDITATION INFORMATION
Learning Level: Beginner
Prerequisites: None
Field of Study: Specialized Knowledge
Delivery Method: Group Internet Based

For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.

West Professional Development 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.