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This 2-day, 4-session Virtual Course covers accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the federal government. It's designed to explain the fundamentals of government procurement regulatory requirements that affect a government contractor’s accounting system, with an emphasis on cost accounting by contract. The instruction outlines the components of an acceptable contract cost accounting system in consonance with critical regulations governing those requirements, and discusses methods for adapting those regulatory requirements into a well-functioning compliant cost accounting system.

The course begins with a basic understanding of the government’s procurement approach, types of contracts, key procurement players, and other information necessary to understand the importance of a cost accounting system. More detailed discussion follows covering requirements for identifying direct costs, pooling and allocating indirect costs, capturing unallowable costs, documenting all processes, and project ledger requirements. Our instructors will outline the dangers and pitfalls of ineffective accounting practices through real-life experiences from working in the government procurement environment.

This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.

Who should attend:
Compliance Officers, CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting. This course will benefit contractors who may be new in adopting or developing their accounting systems for government contracting and also for experienced contractors who want to modify and update their existing systems and practices.

Learning Objectives:
Upon the completion you will be able to:

• Demonstrate your knowledge of general cost accounting concepts
• Develop acceptable accounting practices used by government contractors
• Explain difference between GAAP and government contract accounting principles
• Create and maintain compliant cost accounting practices
• Adopt acceptable accounting system controls
• Apply CAS and FAR regulations to accounting practices