Contrasts In Accounting - Navigating the Differences

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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.

About Our 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 Contract Services practice where she worked for 25 years. Before joining EY, she held management positions with both large and emerging growth contractors including Motorola and General Dynamics.

EDUCATION

Masters of Business Administration in Strategy and Entrepreneurship from University of North Carolina’s Kennan-Flagler Business School
Honor student inducted into the Beta Gamma Sigma Honor Society

Bachelor’s Degrees in Finance and Economics from University of Maryland

Attended American University’s Graduate Accountancy Program

Holds a Certificate in Corporate Governance and Board Effectiveness from Northwestern University, Kellogg School of Management

In-House

Bring Federal Publications Seminars to your location! If you would like to offer this course in-house, please contact us.

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.