Cost Accounting Standards Virtual - February 2023

3 hours

This is session 1 of 5 in the Cost Accounting Standards virtual course.

This is a comprehensive virtual course in contract requirements related to the CAS with key instruction by specialists in both accounting and law.

Coverage includes of developments and any prospective implications of the Pension Protection Act of 2006.

They were born out of frustration - out of the Government's smoldering irritation in dealing with contractors' differing accounting practices and high-dollar claims for price increases. Yet, like them or not, they are here to stay. Indeed, they may aptly be compared to the so-called "truth in negotiation" requirements which (whatever may be their weaknesses) will probably always be part of the procurement picture.

It all began in 1970, with the passage by Congress of the statute which created the Cost Accounting Standards Board and charged that Board with the duty of prescribing Standards for realization of "uniformity" and "consistency" in contractors' cost accounting practices. The resulting Standards have, predictably, had a major impact on the procurement process - an impact whose shock waves are still being felt.

So we all must accommodate to Cost Accounting Standards - we all, in plain words, must learn to live with them. It is for that reason that this special virtual course has been developed.

Scope & Technique
Because the Cost Accounting Standards are complex - often hard to read, let alone understand - careful attention has been paid to the substantive content and instructional technique of this course. It starts with a finely crafted exposition of the system as a whole; follows this with consideration of the methods by which the Standards are administered and enforced; turns to an analysis of disclosure statements and of the Standards' relationship to recognized cost accounting practices-and, finally, swings into detailed study of the critical substantive Standards.

Who should attend:
This virtual course is designed for any contractor currently or expect to be subject to the Cost Accounting Standards Rules. The course is geared for both new or experienced professionals in the area of accounting, finance, compliance, program management and contract management.

Learning Objectives:

After completing this course, you will be able to:

Develop an understanding of the characteristics of the federal marketplace as it relates to CAS
Understand legal and regulatory reasons for CAS
Recognize the difference between CAS and Modified CAS requirements
The application of CAS related to contracts
Identify the roles and responsibilities of auditors and enforcement
Recognize basic CAS Standards
Apply basic CAS principles

NOTE: On-Demand Virtual Course sessions are not eligible for CLE/CPE credits.

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
Zachary D. Prince

Partner, Haynes Boone

Zach Prince’s practice encompasses all areas of government contract law. Zach counsels domestic and international clients on a wide range of issues, including compliance with federal and state regulations and statutes, bid protests, contract and subcontract drafting and negotiations, contract changes, claim preparation and disputes, cost allowability and cost accounting standards, price and cost reasonableness, export controls, government audits, subcontractor management and disputes, due diligence for mergers and acquisitions, cybersecurity, grants and cooperative agreements, and protecting intellectual property rights when contracting with the government. His clients range from the largest traditional defense contractors, to small businesses, to non-traditional government contractors including commercial technology companies.

Zach is regularly engaged to support acquisitions. He has conducted diligence relating to Federal, state, and international government contracts, export controls, and national security risks in support of a variety of transactions. Such acquisitions include technology companies, service-providers, electronics manufacturers, and aerospace companies. The size of these deals has ranged from tens to hundreds of millions of dollars and include public companies.

J.D., George Washington University Law School, 2013, with honors
Bachelor of Talmudic Law, Yeshiva College of the Nation's Capital, 2010
Bill Romenius

Independent Consultant

Bill has significant Cost Accounting Standards (“CAS”) experience gained through positions held in both the public and private sectors, including being the industry representative to the CAS Board.

Most recently, Bill was a CAS specialist with the Defense Contract Management Agency. He developed CAS training modules that he then used to train the Agency’s Cognizant Federal Agency Officials (“CFAOs”). He also served the role as an advisor to the CFAOs on their specific CAS issues.

Previously, Bill was an Industry leader in Federal procurement issues, while holding various positions at The Boeing Company. He has significant experience with earnings improvement and business process reengineering initiatives, with in-depth experience in cost accounting, variance analysis, performance improvement, budgeting, and forecasting. While at Boeing he also developed robust internal control processes in general, with a focus in the area of International Business Compliance.

Prior to starting his almost twenty-eight year career at Boeing, Bill was a Peace Corps Volunteer in Costa Rica.

He gained Bachelor of Arts and Masters in Business Administration degrees at Wichita State University and completed the Yale Executive Management Program.

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