Generally Accepted Accounting Principles (GAAP)4 mins
Segregating Costs21 mins
Building on the Foundation54 mins
Full cost Recovery108 mins
Multiple Fringe149 mins
General & Administrative186 mins
Separate Labor and Material261 mins
Types of CAS Coverage317 mins
Compliant accounting systems that provide meaningful information require solid foundations built on principles, regulations, and industry best practices. The ten principles of generally accepted accounting principles (GAAP) provide basic guidance for accounting transactions in organizations of all sizes. This 8 hour CPE webinar is divided into 5 sessions and will cover Government Contract Accounting, Fundamental of Indirect Rates, Advanced Indirect Rates, Costing and Price Proposal and Cost Accounting Standards (2020).
Session 1 - Lay the Foundation of Government Contract Accounting
Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, hurdles. Compliant accounting systems that provides meaningful information require solid foundations built on principles, regulations, and industry best practices. 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. 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.
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Session 2 - Fundamentals of Indirect Rates
The key to contract profitability is cost recovery. Companies fail to recover costs primarily because of incorrect indirect rates resulting from the improper composition of cost pools, misaligned cost pools and bases, and mathematical errors. Higher margins and improved profitability are a direct result of the proper calculation of indirect rates and the maximum recovery of all costs incurred. Classification of costs, the identification of correct and allowable allocation methods, and accurate mathematical formulas are critical in the proper calculation of indirect rates. This session will focus on the most common cost pools utilized by government contractors and a single rate approach to indirect rates. This webinar includes :
Major Topics Covered In Session 2 :
Session 3 - Advanced Indirect Rates
Business owners often complain about price competitiveness and profitability: a product or service is overpriced in comparison to the market and/or they’re losing money and don’t know why. Complex organizations, those with more than one product or service offering, require advanced indirect rates to align related costs with their appropriate drivers. Creating advanced indirect rates requires a significant amount of planning and implementation. In this webinar, we’ll discuss the common reasons for, and the mechanics of, creating multiple rates. This webinar will help you to gain a basic understanding of governmental accounting and financial reporting by reviewing auditing and internal controls, as well as governmental fund accounting and budgeting.
Major Topics Covered In Session 3 :
Session 4 - Developing Your First Cost & Price Proposal
Complex FAR regulations can be overwhelming, especially when submitting cost and price proposals to the government. Contracts subject to the submission of cost or pricing data, (flexibly-priced contracts), require an acceptable basis of estimate including hours and dollars by line item, time-phased to match the project schedule, and sufficient detail to support the effort proposed.
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Session 5 - Cost Accounting Standards (CAS) - Updated 2020
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.
Major Topics Covered In Session 5 :
If you (or your clients) are a government contractor or subcontractor, this 8-hour webinar would be an excellent refresher Government Contract Accounting & Cost Accounting Standards. At the end of the webinar you will also receive a free chart of accounts designed specifically for government contractors.
Award-winning speaker Robert E. Jones shows audiences how to navigate the constantly changing legal and regulatory landscape of government contracts. In his engaging and highly rated presentations, he shares insider secrets drawn from 15 years of DoD contract and accounting experience. His proactive, decisive approach to finding opportunities and solving problems is based on experience in managing more than $400 million in federal contracts.
Mr. Jones has experience with a wide variety of speaking engagements including emcee/moderator, seminars, training, chapter meetings, and conference presentations. He engages audiences with innovative approaches to contract profitability, accounting, compliance and related topics.
The West Virginia native earned a bachelor’s degree in accounting from the McColl School of Business at Queens University of Charlotte in North Carolina. He holds a master’s degree in accountancy from The Graduate School of the College of Charleston in South Carolina. He is a licensed CPA in the State of Ohio.
Left Brain Professionals is a boutique accounting firm serving the compliance needs of government contractors. We focus on accounting system design, implementation, and audit support. We help companies profit from federal contracts, prevent compliance headaches and resolve red-tape nightmares - assuring profitability and peace of mind. We offer expert consulting on strategic, long-term and day-to-day decisions regarding all aspects of government contracts compliance, accounting, cybersecurity and audits. We don't believe in cookie-cutter, one-size-fits-all solutions. We understand the needs of small businesses and work within your budget to devise cost-effective solutions.
Led by a CPA with over 15 years of federal audit experience. Left Brain Professionals has the expertise to guide you through the complex maze of federal regulations. Some of our support projects include indirect rate calculations, cost and pricing models, incurred cost proposals, and purchasing spend analysis. We focus on serving small businesses though we do have a few Fortune 500 clients and bring other large business expertise and best practices to all of our clients.
MY-CPE LLC (Sponsor Id#: 143597) 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.