There is accounting...and there is Government contract accounting. Government contractors are subject to a wide range of unique accounting regulations, entering into contracts for which negotiation, performance, termination, and more require following specific accounting principles and standards. And, dealing with the Federal Government can be difficult and complex. It is a world apart from commercial business.

Accounting in Government contracting, then, has its own unique and specialized rules, regulations, standards, problems, hurdles. And unless a proper accounting system is in place, then a contractor can be faced with enormous difficulties, not the least of which is lost profits, lost contracts.

Learning Objectives:
By the conclusion of this program, attendees will have a solid, practical understanding of government contract accounting, including:

• Government forms and formats for pricing proposals.
• Direct and indirect cost rate submissions.
• Cost principles for allowability.
• Cost allocability and reasonableness under the FAR and CAS.
• Accounting systems requirements.
• The impact of the type of contract on the accounting requirements.
• Billing the Government for work accomplished.
• Dealing with Government auditor