This is session 2 out of 2 in the Masters Institute in Cost Accounting Standards Virtual Course

This course will focus on a range of advanced CAS matters, with the goal of educating participants to assess the issues and risks, understand what is required and explore the gray areas to make the best decision in each circumstance.  Participants will enhance knowledge on select advanced CAS matters, including the legal interpretations of these matters so they can be applied to specific situations. This course will focus on a range of advanced compliance challenges presented by the CAS, including advance legal and administrative issues, cost allocation concepts, allowability vs. allocability matters, accounting for pensions and fixed asset accounting.  

Presented by a team of compliance and legal professionals, this course is designed to be highly interactive between the instructors and participants to explore the complex compliance challenges that arise from being subject to the CAS.  Each area presented in this course will be explored from both an accounting and a legal perspective, using relevant case law to highlight common areas of dispute and the resulting legal interpretation. Some of the advanced CAS matters addressed in this course include: 

CAS applicability issues 

• How to determine applicability threshold
• Complexities involving contract types, including hybrid contracts
• Special considerations for subcontractors

Interpretation and promulgation process

Organizational Structure

• Business unit definition
• Organizational changes
• Restructuring

Complex requirements, common areas of noncompliance and resolution of disputes related to:

• Consistency Standards (401, 402, 405, 406)
• Allocation Standards (403, 410, 418, 420)
• Compensation Standards (408, 412, 413, 415)
• Fixed Asset Standards (404, 409, 414, 417)
• Other Standards (407, 411, 416)

Cost accounting practice changes

• Cost impact process
• Types of changes
• Grouping of changes
• Offsets
• Affected contracts
• Common areas of difficulties and disputes

Disclosure Statement filing requirements and other required CAS disclosures

• Disclosure requirements
• Quality and substance of disclosures
• Statute of limitations

Participants will gain an in depth understanding of these areas so they are able to comply with the complex requirements of the CAS and avoid common pitfalls by anticipating and resolving potential problems. 

Learning Objectives: 
After completing this course, you will be able to:

• Develop applicability thresholds
• Define and analyze complex contracts including hybrid contracts
• Apply advanced application of CAS requirements
• Receive an update on CAS Board and other governing bodies decisions
• Apply cost impact analysis 
• Determine types of changes
• Recognize offsets 
• Investigate areas of potential disputes
• Manage the disclosures and their requirements of what to disclose
• Have an awareness of statute of limitations
• Resolve disputes based on prior actions

This live virtual course is eligible for both CLE and CPE credit.
NOTE: CPE/CLE credit for attendees are subject to participation and approval by the governing boards. NASBA CPE ACCREDITATION INFORMATION
Learning Level: Basic
Prerequisites: None
Field of Study: Specialized Knowledge
Delivery Method: Group Internet Based

For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.

Cerifi LegalEdge is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.