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Government Contract Accounting
A special program on accounting principles as they relate to procurement activities with the Federal Government. Subjects covered include: Government forms and formats; direct and indirect cost rate submissions; cost principles for allowability; cost allowability and reasonableness; dealing with Government auditors; changes and delay claims; and terminations. 13. 0 CPE hours. Fee per person: $1375
Federal Publications Seminars
Who Should Attend?
This Course is Eligible for
This Course is Eligible for
13.0(CPE) hours of credit.
Program Level: Basic
Program Prerequisite: None
Advance Preparation: None
There is accounting...and there is Government contract accounting. Government contractors are subject to a wide range of unique accounting regulations, entering into contracts for which negotiation, performance, termination, and more require following specific accounting principles and standards. And, dealing with the Federal Government can be difficult and complex—a world apart from commercial business.
Accounting in Government contracting, then, has its own unique and specialized rules, regulations, standards, problems, hurdles. And unless a proper accounting system is in place—at every stage of the contract—a contractor can be faced with enormous difficulties, not the least of which is lost profits, lost contracts.
For Government contract administrators, executives, lawyers, managers, financial officers, and internal auditors, as well as for accountants who do not necessarily concentrate in this field, the subject is generally mystifying and often carries with it the intimidating sense of the unknown. So there is a need—a significant need—for this specially developed program.
Government Contract Accounting's exhaustive scope is set forth in the Course Curriculum below. Its coverage includes not only general accounting concepts as they relate to Government contracting, but the specifics of cost principles, cost accounting standards, accounting for claims, special accounting problems, and profit.
By the conclusion of this program, attendees will have a solid, practical understanding of Government contract accounting, including:
- Government forms and formats for pricing proposals.
- Direct and indirect cost rate submissions.
- Cost principles for allowability.
- Cost allocability and reasonableness under the FAR and CAS.
- Accounting systems requirements.
- The impact of the type of contract on the accounting requirements.
- Billing the Government for work accomplished.
- Dealing with Government auditors.
- ...and more.
The Course Curriculum
- Characteristics of the Federal Marketplace
- The Acquisition Cycle
- The Regulatory Environment
- Relevant Statutes
- Methods Of Award
- Contract Types
- Accounting Implications For Various Types
- Competitive vs. Non-competitive Procurement
- Commercial Item Acquisition Rules
- GSA Schedules & Price Guarantees
- Small Business Status
Cost Accounting Systems
- Purposes of a Cost Accounting System
- Direct vs. Indirect Cost
- Job Order vs. Process Costing
- Actual vs. Standard Cost
- Accounting For Indirect Costs
- Refining Cost Systems
- Activity Based Costing
- Financial Reporting Considerations
- Definition Of Allowable
- Allowability vs. Allocability
- Advance Agreements
- Expressly Unallowable Costs
- Material Costs
- Product Engineering Costs
- Compensation for Personal Services
- Uncompensated Overtime
- Other Selected FAR Part 31 Cost Principles
Cost Accounting Standards
- Types Of Coverage
- Disclosure Statement Requirements
- Changes To Cost Accounting Practice
- Cost Accounting Standards
Cost Estimation and Contract Pricing
- Truth In Negotiations Act
- Cost or Pricing Data
- Subcontractor Pricing Considerations
- Certification Requirements
- Cost Proposal Requirements
- Contractor Estimating Systems
- Profit Analysis
- Sample Proposal
Contract Accounting and Administration
- Lifecycle of Indirect Rates
- Forward Pricing Rate Agreements
- Provisional Billing Rate Agreements
- Incurred Cost Claims
- Representations and Certifications
- Contract Cost/Schedule Reporting(Earned Value Management Systems)
- Limitations of Funds/Limitation of Cost Clauses
Changes, Delays & Terminations
- Change Orders: Overview and Background
- Types of Change Orders and Associated Claims
- Pricing Methodologies
- Change Order Accounting
- Profit and Interest on Claims
- Termination for Convenience vs. Termination for Default
- Termination Claims
Surviving Government Audits
- Government Audit Rights
- Government Auditors and Their Missions
- The Audit Process
- Dealing with Government Auditors
- Resolving Audit Disputes
- Special Issues Related to Disallowed Cost
Federal Publications Inc., founded in Washington, DC in 1958, is recognized as the dominant force in providing Government procurement information to contracts professionals—the leader for high quality print publications, electronic materials, and educational seminars on Government contracting subjects. Construction contracting, immigration law, personnel and employment, international law and business, and environmental law are other areas in which Federal Publications has gained a reputation for high quality products.
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