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Accounting Compliance for Government Contractors

Fee:

$1,375.00

· QuickCode:

QQBXGY

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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

Federal Publications Seminars

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:

DAILY SCHEDULE

9:00 AM - 4:00 PM

1. Introduction to the Regulatory Environment

2. Establishing an Adequate Cost Accounting System

3. Expanded Discussion of Selected FAR Part 31 Provisions

4. Overview of Government Contract Audits Linked to Cost Accounting Systems

5. Case Study on SAMPLECO Contractor

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.

This seminar is offered as an on-demand webinar. To quickly return to this seminar later, you can search by its QuickCode:

QQBXGY

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