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Overview

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.  It is 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, then 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 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.

Learning Objectives
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.
You will be able to:
  • Understand the characteristics of the federal marketplace, the acquisition lifecycle and relevant statutes
  • Understand key terms and definitions 
  • Recognize contract types
  • Accounting differences in acquisition contracts
  • Identify basic commercial item differences
  • Define Allowable, cost reasonableness and credits
  • Apply basic CAS principles
  • Understand TINA, Cost & Price Data
  • Determine basic indirect rates
  • Recognize change orders and pricing methodologies
  • Understand the audit process
Dates/Locations
December 6-7, 2021
American Management Association
Arlington, VA
Travel Info
Standard: $1,275.00
Enhanced: $1,670.00
Register
Agenda
8:00 AM - 3:00 PM
Schedule for La Jolla, CA and Hilton Head, SC Weeklong Conferences
9:00 AM - 4:00 PM
Schedule for All Other Locations

1. Regulatory Environment

  • Characteristics of the Federal Marketplace
  • The Acquisition Lifecycle
  • The Regulatory Environment
  • Relevant Statutes

2.  Procurement Overview

  • Methods Of Award
  • Contract Types
  • Accounting  Implications For Various Types
  • Competitive  vs. Non-competitive Procurement
  • Commercial Item Acquisition Rules
  • GSA Schedule Contracting

3. Cost Allowability

  • Definition of Allowable
  • Reasonableness
  • Allowability vs. Allocability
  • Advanced Agreements
  • Credits
  • Expressly Unallowable Costs
  • Material Costs
  • Product Engineering Costs
  • Compensation for Personal Services
  • Uncompensated Costs
  • Other Selected Far Part 31 Cost Principles

4.  Cost Accounting Standards

  • Applicability
  • Types of Coverage
  • Disclosure Statement Requirements
  • Changes to Cost Accounting Practice
  • Basic Concepts in CAS
  • Allocation Standards
     

5.    Cost Accounting Systems

  • Purposes of a Cost Accounting System
  • Direct vs. Indirect Costs
  • Job Order vs. Process Costing
  • Actual vs. Standard Cost
  • Accounting for Indirect Costs
  • Calculating Indirect Rates
     

6.    Cost Estimation and Contract Pricing

  • Truth in Negotiations Act (TINA)
  • Cost or Pricing Data
  • Subcontractor Pricing Considerations
  • Certification Requirements
  • Cost Proposal Requirements
  • Contractor Estimating Systems
  • Profit Analysis
7.    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 (EVMS)
  • Limitations of Funds/Limitation of Cost Clauses
  • Mandatory Disclosure
  • DOD Business Systems

8.    Contract Changes

  • Change Orders: Overview and Background
  • Types of Change Orders and Associated Claims
  • Pricing Methodologies
  • Change Order Accounting
  • Profit and Interest on Claims

9.    Surviving Government Audits

  • Government Audit Rights
  • Government Auditors and Their Missions
  • The Audit Process
  • Dealing with Government Auditors
  • Resolving Audit

Experts
  • Deborah Nixon
    Founder & Managing Officer, Crosshair Advisors
    Deborah Nixon, is a nationally recognized trainer, licensed Certified Public Accountant (CPA) and career dedicated Government contracts practitioner with over 30 years of experience. Deborah is the founder of Crosshair Advisors, and a retired Partner with Ernst & Young’s Government Contrac...
Accreditation
See Individual Courses For Available Credits
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
CPE: Continuing Professional Education
Field of Study: Specialized Knowledge
Delivery Method: Group-Live Classroom
Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.
CPE Hours
This program is eligible for: 13.0 (CPE) hours of credit
Program Level: Basic
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live
CLP: Continuous Learning Points
Approved for CLP by Defense Acquisition University
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP Hours
This program is eligible for: 11.0 (CLP) hours of credit
CLE: Continuing Legal Education
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.
CLE Hours
This program is eligible for: 11.0 (60 minutes), 13.0 (50 minutes)
Travel
American Management Association
2345 Crystal Drive
Suite 200
Arlington, VA, 22202
5714812208
General Information
There is not a room block for this location. However, the AMA offers special hotel rates. Click here to see rates and reserve a hotel room.
Food & Beverage
Coffee service, water, hot tea, soda and juice will be available in the facility all day. Lunch is on your own and an afternoon snack will be served.
In-House
Bring Federal Publications Seminars to your location! If you would like to offer this course in-house, please contact us.
Schedule Training
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Level
  • 100
    Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
  • 200
    Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
  • 300
    Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
  • 400
    Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
  • 500
    Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.