This is session 1 of 5 in the Cost Accounting Standards virtual course.

This is a comprehensive virtual course in contract requirements related to the CAS with key instruction by specialists in both accounting and law.

Coverage includes of developments and any prospective implications of the Pension Protection Act of 2006.

They were born out of frustration - out of the Government's smoldering irritation in dealing with contractors' differing accounting practices and high-dollar claims for price increases. Yet, like them or not, they are here to stay. Indeed, they may aptly be compared to the so-called "truth in negotiation" requirements which (whatever may be their weaknesses) will probably always be part of the procurement picture.

It all began in 1970, with the passage by Congress of the statute which created the Cost Accounting Standards Board and charged that Board with the duty of prescribing Standards for realization of "uniformity" and "consistency" in contractors' cost accounting practices. The resulting Standards have, predictably, had a major impact on the procurement process - an impact whose shock waves are still being felt.

So we all must accommodate to Cost Accounting Standards - we all, in plain words, must learn to live with them. It is for that reason that this special virtual course has been developed.

Scope & Technique
Because the Cost Accounting Standards are complex - often hard to read, let alone understand - careful attention has been paid to the substantive content and instructional technique of this course. It starts with a finely crafted exposition of the system as a whole; follows this with consideration of the methods by which the Standards are administered and enforced; turns to an analysis of disclosure statements and of the Standards' relationship to recognized cost accounting practices-and, finally, swings into detailed study of the critical substantive Standards.

Who should attend:
This virtual course is designed for any contractor currently or expect to be subject to the Cost Accounting Standards Rules. The course is geared for both new or experienced professionals in the area of accounting, finance, compliance, program management and contract management.

Learning Objectives: 

After completing this course, you will be able to:

• Develop an understanding of the characteristics of the federal marketplace as it relates to CAS
• Understand legal and regulatory reasons for CAS 
• Recognize the difference between CAS and Modified CAS requirements
• The application of CAS related to contracts
• Identify the roles and responsibilities of auditors and enforcement
• Recognize basic CAS Standards 
• Apply basic CAS principles

 NOTE: On-Demand Virtual Course sessions are not eligible for CLE/CPE credits.