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Course Details

Overview of Topics

  • Generally Accepted Accounting Principles (GAAP)

    4 mins
  • Segregating Costs

    21 mins
  • Building on the Foundation

    54 mins
  • Full cost Recovery

    108 mins
  • Multiple Fringe

    149 mins
  • General & Administrative

    186 mins
  • Separate Labor and Material

    261 mins
  • Types of CAS Coverage

    317 mins

Course Description

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.

Major Topics Covered In Session 1 :

  • 10 principles of generally accepted accounting principles (GAAP)
  • Federal Acquisition Regulations (FAR)
  • Cost Accounting Standards (CAS)
  • This webinar includes not only general accounting concepts as they relate to government contracting, but the specifics of cost principles, cost accounting standards, accounting for claims, special accounting problems, and profit. 

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 : 

  • Composition of each cost pool
  • Explanation of the acceptable allocation bases
  • Indirect rate calculation examples
  • Access to an online indirect rate calculator and downloadable tool.
  • Register for this webinar to learn proper indirect rate calculations.

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 :

  • Preferred rate types
  • When is the de minimis 10% rate right for you
  • Differing direct cost base options
  • Best ways to pool indirect costs
  • Seeking and negotiating a federal rate 
  • How to navigate your unallowable costs.

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. 

Major Topics Covered In Session 4 : 

  • How to maximize profit?
  • Ensuring regulatory compliance by preparing an adequate basis of estimate for every contract, regardless of type, when developing your cost and price proposal.
  • Overview of the types of contracts impacted by these regulations.
  • Review what's necessary when preparing a comprehensive cost and price proposal.

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 : 

  • 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 is 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 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.

Webinar Qualifies for

  • 8 CPE credit of Accounting & Auditing (Governmental) for all CPAs
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To identify the basic principles and regulations for government contract accounting
  • To recognize the importance of segregating direct and indirect costs
  • To identify the 5 basic cost pools.
  • To identify the composition of each cost pool.
  • To identify the need for the advanced indirect rates.

About Presenter

Robert Jones, CPA, CPCM, NCMA Fellow

Government Contracts & Accounting Expert,Left Brain Professionals Inc.

robert@leftbrainpro.com

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.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. According to Monetary Unit Principle?
  2. Conservatism principle requires that:
  3. Cost accounting standards are:
  4. ______ costs are directly attributable to an end cost objective such as a contract, a job, a project, a product, or a service.
  5. Which one of the following is an example of fringe benefits?
  6. Which one of the following is also known as COGS?
  7. Which one of the following is the correct cost pool for business development cost?
  8. Which one is true for direct costs?
  9. For full cost recovery which one of the following should be followed diligently?
  10. In which periodicity you should update billing rates?
  11. Which one of the following is an advantage of multiple indirect rate?
  12. When B&P and IRAD costs are involved proper calculation of G&A is tricky because:
  13. Which one of the following is a facility related costs allocated on square footage?
  14. IT related costs should be allocated on which one of the following basis?
  15. Which one of the following is the requirement for the multiple indirect rate?
  16. Developing a credible basis of estimate requires reliable _________ cost source data that you can trace back to the applicable business system.
  17. Which one of the following is a method of calculating basis of estimate?
  18. For calculating primary cost of travel which one of the following would you need?
  19. Subcontractors should Include CCPD and written analysis for any proposals exceeding ______?
  20. _____________ is the government’s method to track the estimated cost of contractors using their own money to invest in facilities and equipment that benefit the government.
  21. Which one of the following is the sources for escalation in cost?
  22. The purpose of CAS 401 is.
  23. What does CAS 402 ensure?
  24. Which one of the following case the CAS exemption is applicable?
  1. The economic entity principle states:
  2. According to cost principle which one of the following is true?
  3. Federal Acquisition Regulations (FAR) & Supplements is a unique set of regulations that apply to the acquisition of supplies and services____
  4. Government only wants to pay for:
  5. Direct costs are:
  6. According to CAS 401 & 402 once classified into direct or indirect:
  7. ____ are the costs to support customer and products or services:
  8. _____ is the foundation of your accounting system.
  9. There are ____ basic cost pools.
  10. Which one of the following is an examples of direct cost?
  11. An example of overhead is:
  12. Which one of the following is the characteristic of total labor dollar allocation method for fringe?
  13. ________ method of overhead allocation is most common in service or high labor industry.
  14. What reflects the value added to the materials such as some manufacturing environments?
  15. For general and administrative costs which is an acceptable allocation method?
  16. What is required to get the correct indirect rate?
  17. The speaker describes bids and proposals as ______.
  18. B&P and IRAD are included in _____ pool.
  19. Often one part of the business occupies an unfair portion of the building, but pays a lower allocated cost. They should be allocated on _____ basis.
  20. On which basis would you allocate communication costs?
  21. Separate fringe pools are required for separate groups of employees with ______.
  22. When G&A rates get out of control then the clients question the value of ___.
  23. For multiple indirect rates which one of the following is the tools that you need as an aid in cost collection?
  24. Contractors can always negotiate _____ that is less than their G&A without creating a separate M&SH pool.
  25. Which one of the following is an example of historical and actual source data to develop a credible basis of estimate?
  26. Which one of the following is the least desirable method of calculating basis of estimate?
  27. Which method of calculating basis of estimate establishes library of statistically valid cost estimating relationships based on historical data?
  28. For primary cost of materials what would you need to support standard cost?
  29. Subcontractors should obtain certified cost or pricing data for any proposals exceeding truthful cost or pricing data threshold. Currently the truthful cost or pricing data threshold is _____.
  30. For indirect cost which one of the following is best?
  31. Both the government and contractors should be concerned with the profit as a motivator of efficient and effective contract performance.
  32. Which one of the following are the unallowable costs which comes out of profit?
  33. Identify the profit factors in government contracts.
  34. Which one of the purpose of CAS requirement?
  35. ____ is to establish criteria for allocation of home office expenses to the segments of the organization on the basis of a beneficial or causal relationship.
  36. ____ covers depreciation or disposition of fixed assets.
  37. Modified CAS coverage required only that the contractors comply with:
  38. _____ are awarded on the basis of adequate price competition without submission of certified cost or pricing data.
  39. CAS generally aligns with:
  40. Auditors use CAS as a _____ in many audits even if the contract is not CAS covered.

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On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
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Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
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HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
  • Cost $80
  • CPE Credits 8
  • Subject Area Accounting & Auditing (Govt.)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date October 26 ,2020
  • Who should attend? Bookkeeper Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Auditors Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Chief Accounting Officer Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
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On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register