Contrasts In Accounting - Navigating the Differences February 6, 11:30-1:00 EST This is the first webinar in our four-part webinar series titled "First Year Government Contract Accounting- Building Blocks" As a cost-based Government contractor, the use of full absorption accounting is required. While Generally Accepted Accounting Principles (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 upon a Government contractor's accounting system. This webinar will introduce some of the key differences between Government contract cost accounting and financial accounting; explain some reasoning behind the divergence in accounting practices; and establish the foundation for this 4 part webinar series. Learning Objectives: By the end of this session, participants will be able to identify key differences between US GAAP accounting and Government contract accounting; Understand the reasoning for the divergence in accounting; Become familiar with full absorption accounting; and become familiar with the accounting implications of cost-based acquisition and FAR Part 15, Contracting by negotiation. NOTE: CPE/CLE credit for attendees is subject to participation and approval by the governing boards. Series Description: There is accounting and then there is Government contract accounting. Government contract accounting imposes unique pricing, accounting and compliance requirements on Government contractors. And, unlike Generally Accepted Accounting Principles (GAAP), requires full absorption accounting. If you are new to Government contracting or want to understand more about the unique accounting requirements this four part webinar series will introduce critical accounting fundamentals.

When it comes to complying with Government-related subcontracting rules, many organizations find themselves in a reactive posture, often trying to implement compliant practices after they receive notices of upcoming audits or CPSR's. This approach lacks the ability to establish and sustain compliance in the long term. Additionally, many aspects of a CPSR-compliant subcontracting process must be addressed early in the overall contract acquisition process such as when proposals are being developed and potential team members are being identified. To complicate this even more, it is a very common practice in the GovCon industry for the Procurement/Subcontracting functions to not be involved in the bid/proposal process. This means that source selection decisions, cost or price analyses, and negotiations may (or may not) be taking place with potential subcontractors prior to contract proposal submissions. Are CPSR-compliant standards being applied to these and other pre-contract award processes? Are these processes being documented compliantly? Does this information even reach the Procurement/Subcontracting function once the prime contract has been awarded to your organization? This interactive session will explore, from a 360-degree viewpoint, how high-performance large and small organizations can plan for subcontract compliance though-out the acquisition lifecycle from the pre-contract, bid and proposal stage to post contract award/performance stage. During this session, attendees will benefit from real world industry insight shared by Jeffery White and Randy Shelby of JA White who will be joined by Heather A. Teed, President of EOP Consulting.