This is session 1 of 2 in the Masters Institute in Government Contract Accounting Virtual course. This advanced level virtual course expands upon what you know about Government Contract Accounting. It is recommended for those with at least 3-5 years of experience with government contract accounting or have attended the 2 day Government Contract Accounting program in the past. The virtual course is highly interactive with in-depth discussion and instruction on advance issues in Accounting. Participants will get a better understanding of the new and emerging rules impacting accounting and how to manage/incorporating new requirements into operations, reporting and compliance areas. The virtual course will explore the key differences between Government contract cost accounting and financial reporting using Generally Accepted Accounting Principles (GAAP). While GAAP serves as our foundation for contract accounting and is a requirement for an adequate accounting system, FAR Part 31, contract cost principles and procedures and Cost Accounting Standards (CAS) layer additional requirements onto our contract accounting. Enhance your perspective on where we find these differences; some reasoning behind the divergence in accounting practices; and opportunities for convergence as accounting practices are modernized. The impact of these accounting concepts will be applied to the indirect rate structure and culminate with a discussion of strategies for optimization to enhance strategic positioning through the indirect rate refinement, Course topics will evolve as new Government contract and financial accounting requirements emerge. Topics may include:
Learning Objectives: After completing this course, you will be able to: