Lay The Foundation Of Government Contract Accounting

Learning Objectives

• List the basic principles and regulations for government contract accounting
• Explain the importance of segregating direct and indirect costs
• Describe cost pools
• Draft basic govcon chart of accounts

Course Description

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 : 

• 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. 

This 1.5 CPE FREE webinar will cover the basics and also send you home with a free chart of accounts designed specifically for government contractors.

Overview

• History of Qualified Property Categories

  5 mins
• QIP: Where Do We Stand Today?

  12 mins
• The Interplay of Bonus Depreciation, Section 179 Expensing, and TPRs

  16 mins
• Section 179 Expensing

  18 mins
• Bonus Depreciation for Acquisitions and Construction

  31 mins
• The Tangible Property Regulations

  50 mins
• Strategic Hierarchy

  55 mins