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Overview

This advanced level course expands upon what you know about Government Contract Accounting.  It is recommended for those with at  least 3-5 years of experience with government contract accounting or have attended the 2 day Government Contract Accounting program in the past.  
The course is highly interactive with in-depth discussion and instruction on advance issues in Accounting.  Participants will get a better understanding of the new and emerging rules impacting accounting and how to manage/incorporating new requirements into operations, reporting and compliance areas.  
The course will explore the key differences between Government contract cost accounting and financial reporting using Generally Accepted Accounting Principles (GAAP).  While GAAP serves as our foundation for contract accounting and is a requirement for an adequate accounting system, FAR Part 31, contract cost principles and procedures and Cost Accounting Standards (CAS) layer additional requirements onto our contract accounting. Enhance your perspective on where we find these differences; some reasoning behind the divergence in accounting practices; and opportunities for convergence as accounting practices are modernized. The impact of these accounting concepts will be applied to the indirect rate structure and culminate with a discussion of strategies for optimization to enhance strategic positioning through the indirect rate refinement,
Course topics will evolve as new Government contract and financial accounting requirements emerge.
 
Topics may include:

  • Key contrast between financial reporting and Government contract cost accounting
  • Cost Accounting Standards (CAS) modernization
  • New GAAP/IFRS (International Financial Reporting Standards) and its impact on Government contract cost accounting
  • Indirect Rate and Accounting System Implications of the Key Contrasts and new GAAP/IFRS discussed throughout the seminar
  • Indirect rate optimization

Learning Objectives: 
After completing this course, you will be able to:

  • Apply advanced application of accounting procedures
  • Recognize the relationship between CAS and financial accounting
  • Mitigate risks such as false statements, false claims
  • Create and manage mandatory disclosure documents
  • Apply keys concepts of cost allowability, materiality and cost treatments
  • Differentiate between allowable and unallowable costs
  • Create realistic cost estimates and documentation
  • Utilize prescriptive 3FF allocation formula
  • Calculate costs from TCI, VAB and other pools
  • Determine pension cost allocations based on ERISA and PPA as well as CAS 412 and 413
Dates/Locations
November 14-15, 2024
San Diego Marriott La Jolla
San Diego, CA, United States
Travel Info
Request Group Quote
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Agenda
8:00 AM - 3:00 PM
Schedule for La Jolla, CA and Hilton Head, SC
8:00 AM - 3:00 PM
Las Vegas September Weeklong Conference
8:00 AM - 3:00 PM
San Diego Mini-Week
9:00 AM - 4:00 PM
Schedule for All Other Locations
DAY 1

KEY CONTRASTS IN ACCOUNTING - FINANCIAL REPORTING VS. GOVERNMENT CONTRACT COST ACCOUNTING

I. Relationship Between GAAP and Government Contract Cost AccountingRegulatory hierarchy
  1. Entity
  2. Absorption
  3. Users
  4. Materiality
  5. Cost allowability
  6. Politics (Pension example)
II. Cost Accounting Standards (CAS) Modernization
  1. Opportunities for CAS to GAAP conformance
  2. Section 809 Panel recommendations
  3. CASB activities
III. Key Contracts in Accounting Practices (Part 1 of 2)
  1. Selling, General and Administrative (SG&A) vs. General and Administrative (G&A) Expenses
    • GAAP accounting
    • CAS 403 and 410
    • Selling costs (FAR 31, Contract cost principles
  2. Revenue Recognition
  • New standard (ASC 606 summary)
  • Contractor challenges
  • Government contract accounting implications

DAY 2

IV. Key Contracts in Accounting Practices (Part 2 of 2)

      3. Research and Development
  • Direct vs. indirect cost
  • Independent research and development (IR&D) cost
  • Bid and proposal cost
  • Selling cost
  • Manufacturing and production engineering (M&PE) cost
  • Other R&D effort (i.e., Capital assets and other indirect costs)
      4. Asset Accounting
  • Tangible capital assets
  • Intangible capital assets (e.g., Software development, Leases, Goodwill)
      5. Lease Accounting
  • New standard (ASU 2016-02 summary)
  • Government contract accounting implications
       6. Imputed Costs (Cost of money)
  • CAS 414 and CAS 417
       7. Paid Time Off (i.e., Compensated personal absences)
  • CAS 408 conformance
      8. Insurance Costs
  • Purchased insurance
  • Self-insurance
  • Accounting for contingencies
       9. Standard Costs
  • CAS 407
V. Indirect Rate Optimization
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 (CPE) hours of credit
Program Level: Advanced
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live Classroom
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 (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 (60 minutes), (50 minutes)
Travel
San Diego Marriott La Jolla
4240 La Jolla Village Drive
San Diego, CA, 92037
8585871414
Hotel & Room Block Info

There is a room block for this location. The rate is $239/night and includes complimentary guest room internet and discounted overnight self-parking at $25/car/night. Reservations must be made by October 14, 2024.

To reserve your room, click here.

Cancel 48 hours prior to arrival to avoid one night room and tax penalty.

Government Per Diem

There is a PER DIEM room block for this location. The rate is $194/night and includes complimentary guest room internet and discounted overnight self-parking at $25/car/night.

To reserve your room, click here. 

Cancel 48 hours prior to arrival to avoid one night room and tax penalty.

General Information

FOOD AND BEVERAGE
Continental breakfast and lunch will be served each day.

In-House
Bring Federal Publications Seminars to your location! If you would like to offer this course in-house, please contact us.
Schedule Training
Schedule Training
Fill out this form and someone from FPS will contact you shortly. You can fill out as much or as little information as you would like. Prefer to talk to us? Call 888.865.9082.
Request a Quote
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You will be contacted shortly.
CMBOK Alignments
Leadership
Character
Collaboration
Competence
Emotional Intelligence
Vision
Management
Business Management
Change Management
Financial Management
Project Management
Risk Management
Supply Chain Management
Guiding Principles
Communication and Documentation
Contract Principles
Regulatory Compliance
Situational Assessment
Skills and Roles
Standards of Conduct
Team Dynamics
Pre-Award
Plan Sales
Plan Solicitation
Prepare Offer
Request Offers
Award
Manage Disagreements
Plan Negotiations
Price or Cost Analysis
Select Source
Post-Award
Administer Contract
Close Out Contract
Ensure Quality
Manage Changes
Manage Subcontracts
Learn
Continuous Learning
Individual Competence
Organizational Capability
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.