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Accounting Compliance for Government Contractors
A two-day program covering accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the Federal Government. This course is 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. The instruction also 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. One of the unique features of the course is the use of a practical case study which reinforces the application of compliant cost accounting system practices through a hypothetical Government contractor scenario. Fee per person: $1375
Provider:
Federal Publications Seminars
Topic(s):
Finance & Accounting
Who Should Attend?
Compliance Officers, CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting; contractors who may be new in adopting or developing their accounting systems for government contracting
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.
What you will learn:
A two-day program covering accounting systems in the context of general cost accounting concepts and processes adapted to the specific requirements for contracting with the Federal Government. This course is 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. The instruction also 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.
One of the unique features of the course is the use of a practical case study which reinforces the application of compliant cost accounting system practices through a hypothetical Government contractor scenario. This case study will highlight cost objective identification features consistent with Government contract accounting requirements and illustrate sound practices in the design and implementation of a functioning cost accounting system. The case study and real-life experiences the instructors will share with you will help you apply what you’ve learned in the lecture. This learning methodology also facilitates discussion, questions, and answers.
Materials include:
- Course Manual
- Case Studies
DAILY SCHEDULE
9:00 AM - 4:00 PM
1. Introduction to the Regulatory Environment
- a. Overview of the Federal Marketplace
- -- 1. Acquisition Cycle
- -- 2. The Regulatory Environment
- -- 3. Bid Proposals and Contract Award
- -- 4. Contract Performance and Closeout
- -- 5. Foundation Expectations of Government in Accounting Systems
- b. Main Players in Acquisition Process
- -- 1. Procuring Contracting Officer (PCO)
- -- 2. Administrative Contracting Officer (ACO)
- -- 3. Defense Contract Audit Agency (DCAA)
- -- 4. Inspector General (IG)
- c. Key Regulations Affecting Cost Accounting Systems
- -- 1. FAR Part 9 Contractor Qualifications
- -- 2. FAR Part 15 Contracting by Negotiations
- -- 3. FAR Part 16 Contract Types
- -- 4. FAR Part 31 Cost Principles
- -- 5. FAR Part 32 Contract Financing
- -- 6. Cost Accounting Standards (CAS)
- -- 7. Truth-in-Negotiations Act (TINA)
2. Establishing an Adequate Cost Accounting System
- a. Foundation Requirements
- -- 1. General Ledger Controls & Requirements
- -- 2. Financial Tracking and Profitability Evaluation
- -- 3. Subsidiary Systems Expectations
- -- 4. Chart of Accounts
- -- 5. Reconciliation Processes
- b. Basic Job Cost Accounting Expectations
- -- 1. Cost Segregation by Contract
- -- 2. Project Cost Ledger System
- -- 3. Tracking Unallowable Costs
- -- 4. Transaction Traceability to Subsidiary Ledgers
- -- 5. Requirements of SF 1408
- c. Specific Cost Accounting Provisions
- -- 1. Direct vs. Indirect Costs
- -- -- a. Understanding Direct Costs & Allocation Techniques
- -- -- b. Indirect Costs
- -- -- -- (1.) Pooling Logical Cost
Groupings
- -- -- -- (2.) Selecting Appropriate
Allocation Bases
- -- -- -- (3.) Overhead vs. G&A
- -- -- -- (4.) Intermediate Cost or Service Centers
- -- -- c. Consistency in Allocating Costs—CAS 402
- -- 2. Accounting for Unallowable Costs
- -- 3. Documentation Expectations
- -- 4. Timekeeping and Labor Charging
- -- 5. Billing System
- -- -- a. Relationship to Accounting System
- -- -- b. Billing Indirect Costs
- -- -- c. Monitoring Invoiced Amounts to Contract Ceilings
- -- -- d. Allowable Cost and Payment Contract Clause
- -- 6. Relationship of EVMS to Accounting System
3. Expanded Discussion of Selected FAR Part 31 Provisions
- a. Contracts Covered by FAR Part 31
- b. Selected Costs
- -- 1. Public Relations/Advertising
- -- 2. Bad Debts
- -- 3. Compensation
- -- 4. Contributions
- -- 5. Cost of Money
- -- 6. Employee Morale, Health & Welfare
- -- 7. Entertainment
- -- 8. Fines & Penalties
- -- 9. IR&D/B&P
- -- 10. Interest
- -- 11. Lobbying
- -- 12. Organization
- -- 13. Professional & Consultant Costs
- -- 14. Relocation
- -- 15. Rental
- -- 16. Selling & Marketing
- -- 17. Trade, Business Technical & Professional
- -- 18. Employee Travel
4. Overview of Government Contract Audits Linked to Cost
Accounting Systems
- a. Bid Proposals
- b. Accounting System Audits
- c. Provisional Indirect Billing Rates
- d. Incurred Cost Proposals
- e. CAS Compliance
- f. Estimating Systems
- g. Timekeeping & Labor Charging
- h. Billing Systems
- i. Financial Capability
- j. Purchasing System
- k. Defective Pricing
5. Case Study on SAMPLECO Contractor
- a. Designing Compliant Chart of Accounts
- b. Segregation & Tracking of Unallowable Costs
- c. Direct vs. Indirect Cost Identification
- -- 1. Identifying Direct Costs
- -- 2. Charging Indirect Costs to Appropriate Cost Center
- d. Indirect Cost Centers
- -- 1. Overhead
- -- 2. General & Administrative
- -- 3. Intermediate/Service Centers
- -- 4. Assigning Appropriate Allocation Bases
- e. Calculating and Tracking Actual Indirect Rates
- f. Job Cost Reports
- -- 1. Grouping Direct Costs by Job/Contract
- -- 2. Using Provisional Indirect Rates
- g. Billing System Considerations
- -- 1. Billing from Job Cost Summaries
- -- 2. Adjusting Provisional to Actual Indirect Rates
- h. Charging & Tracking Costs for Four Typical Types of Contracts
Sponsor Background:
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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