Management

Federal Government Cost Accounting

Because of the complexity of government cost accounting rules and standards, dealings with the federal government differ greatly from standard commercial business practices. All professionals involved with government contracts need a basic understanding of the cost accounting principles that affect these contracts. Attend this course and you will gain a clear understanding of the need for consistency in accounting practices in terms of bidding, reporting, recording, and invoicing costs (CAS 401), and appropriate cost isolations within the books and records of your corporation (CAS 402). Course content is presented from the perspectives of Federal Acquisition Regulation (FAR), Cost Pricing Reference Guides (CPRG), and Defense Contract Audit Agency (DCAA) documents. The central importance of Cost Allowability and the key Cost Accounting Standards is also covered.

    Course Topics Include:
  • Introduction to Government Cost Accounting
  • Basic accounting system requirements
  • Understanding Direct Labor, Direct Materials and Subcontracts, Direct Travel and other ODCs, Indirect Cost Pools, and the Concept of "Cost Allowability" in FAR 31.2
  • The wide reach of "Cost Allowability," including guidance in FAR 31.205
  • The "CAS 401/Cost Allowability" linkage in cost estimating, reporting, recording, and invoicing
  • The role of other key cost accounting standards, contract type in Government Cost Accounting, the Truth in Negotiations Act (TINA), Public Law 87-653, Earned Value Analysis and other cost performance measurement systems
  • Related government audits

Available Sessions