You have completed only 0% of the video. Please continue watching the video.
Please don’t fast forward or alter the cursor of the video. You must watch entire video to get your CPE credits.

Before starting this self study progarm, please go through the Instructional Document.

Download

Course Details

Overview of Topics

  • History of Qualified Property Categories5 mins
  • QIP: Where Do We Stand Today?12 mins
  • The Interplay of Bonus Depreciation, Section 179 Expensing, and TPRs16 mins
  • Section 179 Expensing18 mins
  • Bonus Depreciation for Acquisitions and Construction31 mins
  • The Tangible Property Regulations50 mins
  • Strategic Hierarchy55 mins

Why You Should Attend ?

Companies selling their products and services to the federal government must comply with a unique set of accounting requirements. This webinar lays the foundation for those requirements and prepares attendees for future webinars on government contract accounting.

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.

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

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 : 00:40
  • Question 4 : 00:50
  • Question 5 : 00:55
  1. Cost Accounting Standards is a set of requirements designed to level the playing field of all government contractors by defining treatment of certain types of costs.
  2. Direct costs are the base of the other cost pools? Is this statement correct?
  3. Employer Taxes, Retirement costs, Health insurance costs are the part of Fringe benefits?
  4. Overhead Costs are the costs which are directly attributable to an end cost objective . Is this statement true or false ?
  5. General Ledger accounts are the foundation of your accounting system?
  1. What is Economic Entity Principle?
  2. What is Monetary Unit Principle?
  3. What is time period principle?
  4. What is cost principle primary requirement?
  5. What is Full Disclosure Principle?
  6. What is Revenue Recognition Principle?
  7. Why direct costs drive indirect rates?
  8. What are various fringe costs needs to be maintained W-2 employees?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.7
(140)
72%
26%
1%
1%
0%
  • NS
    NUPARTH SAHNI , CPA
    May 22nd 2020
    good
SP
Shena Potter , CPA
Excellent
DB
Dwiti Baxi , CFE, CPA
It was very informative
DH
David Howarth
good!
VS
Vivek Singh
Excellent !!!
RM
Rebecca Montanez , CPA
It was great! Liked the instructor a lot.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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.

On-Demand Webinars

Move up a Grade: Revision Guide
Monday, May 18, 2020 View Details/Register
Knowledge Performance Indicators (KPIs) for SMEs
Wednesday, May 13, 2020 View Details/Register
Business Performance Management
Wednesday, May 13, 2020 View Details/Register
The Theory of Constrainst and Lean Accounting
Tuesday, May 12, 2020 View Details/Register
THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT
Friday, May 08, 2020 View Details/Register
The Accountant's Guide to Climate Change
Friday, May 08, 2020 View Details/Register
Professional Ethics for Accountants
Thursday, May 07, 2020 View Details/Register
Nebraska Ethics Principles and Conduct for CPAs
Friday, April 17, 2020 View Details/Register
MONTANA Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Massachusetts Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Maryland Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Executive Overview of Revenue Recognition (Topic 606) Exploring Both the Accounting & Tax
Wednesday, May 06, 2020 View Details/Register
Principles of Financial Statement Presentation
Wednesday, May 06, 2020 View Details/Register
Data Analysis 101 - Getting to the heart of performance data
Monday, May 04, 2020 View Details/Register
Performance Measurement
Thursday, April 30, 2020 View Details/Register
  • Cost FREE
  • CPE Credits 1.5
  • Subject Area Accounting (Governmental)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date February 24 ,2020
  • Published Date February 24 ,2020
  • Who should attend? Bookkeeper Accountant CFO/Controller Business Owner CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm CPA (Industry) Entrepreneurial CPA Senior Accountant Entrepreneurial Accountant Government Contractor Defense Contract Audit Agency(DCAA)
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Move up a Grade: Revision Guide
Monday, May 18, 2020 View Details/Register
Knowledge Performance Indicators (KPIs) for SMEs
Wednesday, May 13, 2020 View Details/Register
Business Performance Management
Wednesday, May 13, 2020 View Details/Register
The Theory of Constrainst and Lean Accounting
Tuesday, May 12, 2020 View Details/Register
THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT
Friday, May 08, 2020 View Details/Register
The Accountant's Guide to Climate Change
Friday, May 08, 2020 View Details/Register
Professional Ethics for Accountants
Thursday, May 07, 2020 View Details/Register
Nebraska Ethics Principles and Conduct for CPAs
Friday, April 17, 2020 View Details/Register
MONTANA Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Massachusetts Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Maryland Ethics Principles and Conduct
Friday, April 17, 2020 View Details/Register
Executive Overview of Revenue Recognition (Topic 606) Exploring Both the Accounting & Tax
Wednesday, May 06, 2020 View Details/Register
Principles of Financial Statement Presentation
Wednesday, May 06, 2020 View Details/Register
Data Analysis 101 - Getting to the heart of performance data
Monday, May 04, 2020 View Details/Register
Performance Measurement
Thursday, April 30, 2020 View Details/Register