Training Academy

This 4-part classroom course series is designed to provide students with a thorough understanding of Government contract accounting and its specialized rules, regulations, standards, and hurdles.

This foundational introduction into the requirements of federal government accounting will guide both contractors and agencies through the steps necessary to ensure that their contracts are supported by proper accounting systems. Accounting compliance checklists will be provided as part of the course materials.

4 One-Day Sessions - Taught Virtually, at Your Location, or a Combination of Both

Session #

Session Topic

Agenda

1

Government Contract Accounting Overview

Agenda for Session 1 - Government Contract Accounting Overview

Regulatory Environment
Characteristics of the Federal Marketplace
The Acquisition Lifecycle
Relevant Statutes
Procurement Overview
Methods of Award
Contract Types
Accounting Implications for Various Types
Competitive vs. Non-competitive Procurement
Commercial Item Acquisition Rules
GSA Schedule Contracting

2

Cost Allowability, Allocability, and Cost Account

Agenda for Session 2- Cost Allowability, Allocability, and Cost Accounting Standards

Cost Allowability
Definition of Allowable
Reasonableness
Allowability vs. Allocability
Advanced Agreements
Expressly Unallowable Costs
Material Costs
Product Engineering Costs
Compensation for Personal Services
Uncompensated Costs
Other Selected Far Part 31 Cost Principles
Cost Accounting Standards (CAS)
CAS Applicability
CAS Types of Coverage
CAS Disclosure Statement Requirements
Changes to Cost Accounting Practice Under CAS
Basic Concepts in CAS
CAS Allocation Standards
Cost Accounting Systems

3

Business Systems

Agenda for Session 3- Business Systems

Accounting System Administration
Indirect and Other Direct Cost System
Labor System
Compensation System
Billing System
Earned Value Management Systems
Material Management and Accounting System
Purchasing System
Estimating System
Budget and Planning System

4

Audits

Agenda for Session 4- Audits

Surviving Government Audits
Government Audit Rights
Government Auditors and Their Missions
The Audit Process
Dealing with Government Auditors
Resolving Audit Disputes
Government Contracting and the Agencies Responsible for Compliance Oversight
Government Solicitations and Prospective Contractor Compliance
Government Contracts and Government Oversight “Real-time”
Government Contracts and Government Oversight “After-the-Fact”
Government Contract Oversight: Other than Audits
Participants Earn a Certificate

Participants will earn a Certificate in Government Contract Accounting Essentials upon completion of the academy.