This is session 2 of 3 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

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