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Cost Accounting Standards (CAS) - Updated 2020

4.6 (288)

Robert Jones, CPCM, CPA, NCMA

Left Brain Professionals Inc.

Friday, June 05, 2020 | 01:00 PM EDT

  • CPA

1.5 Credits

FREE

Subject Area

Accounting (Govt.)

Course Description

Cost Accounting Standards (CAS) is one of the most complex, and punitive, laws for contractors to contend with, whether it be for new or established contractors of the U.S. government. These are a unique set of requirements designed to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors. 

CAS is only applicable to federal government contractors and subcontractors, and only to a subset of all contracts awarded. The standards require them to disclose in writing their cost accounting practices, to follow the disclosed practices consistently, and to comply with promulgated cost accounting standards.

WEBINAR WILL PROVIDE AN OVERVIEW: 

  • CAS, how it affects your accounting system policies and procedures and
  • The importance of incorporating the standards regardless if a contract is CAS-covered

While many contracts are exempt from CAS, the standards are an excellent industry best practice to incorporate into your policies and procedures. In fact, many auditors rely on and will refer to CAS during audits, even if a contract is not CAS-covered. Because Cost Accounting Standard are complex and hard to read, let alone understand, careful attention has been paid to the substantive content and instructional technique of this course.

If you (or your clients) are a government contractor or subcontractor, this free webinar would be an excellent refresher for Cost Accounting Standards (CAS) and how it affects your accounting system policies and procedures.

Learning Objectives

  • To recall the purpose of Cost Accounting Standards (CAS) including CAS program requirements & CAS rules and regulations.
  • To Identify and list down the Cost Accounting Standards
  • To Identify the difference between modified CAS and full CAS .
  • To Identify the various components of disclosure statement
  • To Identify various CAS exemptions.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Bookkeeper
  • Business Owner
  • CFO/Controller
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Defense Contract Audit Agency(DCAA)
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Government Contractor
  • Senior Accountant
  • Young CPA

Testimonial

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(
    [no_of_record] => 288
    [average] => 4.5556
)
 

4.6

(288)
61%
34%
5%
0%
0%

NM

At first I find too much technical difficulties in understanding the topic. Thanks Robert for making it easier.

CED

I found the webinar very informative and covered many points with a enough detail to understand the important points of governmental contracting

CT

Great presentation by Robert. Good overview of the far and good detail on allowable and unallowable costs