CFG 0612 - Critical Government Contract Cost Accounting and Financial Compliance Virtual Series
Overview
This course is a fast-paced interactive 6-part webinar that examines the key fundamental aspects and requirements on contract financial matters as it applies to Federal acquisition. Designed for new professionals in both government and industry, as well as those who want to build familiarity with, or update themselves on, the Federal Government’s requirements regarding costs proposed or incurred under US Government contracts. The course includes a review of accounting and estimating related topics, and best practices for implementing and maintaining compliance with a plethora of applicable requirements and expectations. Participants may receive up to 1.0 CEUs, 0.16 per session.
This course may also be eligible for the following credits through The Public Contracting Institute:
- CLE: 1.5 per session; 10 for the series
- CLP: 2 per session; 12 for the series
- CPE: 2 per session; 12 for the series
- PDU 1.66 per session; 10 for the series
If CLE credits are needed, the request along with the jurisdiction must be received before the start of the training.
George Mason University Continuing and Professional Education 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417.
+ Features
Upon completion of this course, the participant should be familiar with key fundamental aspects of government contract accounting and estimating requirements and expectations.
Designed for: CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, and Compliance. Any organization with a requirement to support overall regulatory and business systems compliance under federal government contracts.
Session 1 – The Basics
• The nature and intent of acquisition regulations
• The functions of key government personnel
• Contract types
• The flow of the acquisition process
Session 2 – Cost Accounting Requirements
• Accounting system criteria
• Segregation of direct and indirect costs
• Identification of direct costs by contract/line item
• Labor timekeeping, cost accumulation, and cost distribution
• Materials and other direct costs
• Purchasing system criteria
• Material Management and Accounting system criteria
Session 3 – Cost Accounting Requirements Cont’d
• Indirect cost accumulation and distribution
• Identification and segregation of unallowable costs
Session 4 – Cost Estimating Requirements
• Truthful Cost or Pricing Data (aka TINA)
• Forward pricing proposal requirements
• Supporting a basis of estimate
• Estimating system criteria
Session 5 – Cost Accounting Standards
• Applicability
• CAS disclosure statements
• General requirements of each standard
• Impact of changes and non-compliance
Session 6 – Cost Billing Requirements and Other Considerations
• Invoicing,
• Incurred cost submissions
• Contract close-out