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.