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Cost Accounting Standards 406, 407 and 408

Gain the information you need to ensure your company is compliant under CAS 406, 407, and 408.

The Cost Accounting Standards (CAS) are the foundation for government contracting accounting. Many contractors find out they have not been following the CAS requirements on at an audit or review. Failing to follow CAS requirements can result in the loss of contract awards, retroactive cost/price adjustments with or without interest, and potential criminal implications (in the case of fraud). The most important defense against any of those undesired outcomes is knowledge. This topic will give you the information you need to ensure your company is compliant under CAS 406, 407, and 408.

Learning Objectives

  • You will be able to identify Cost Accounting Standard (CAS) overview.
  • You will be able to recognize the purpose of each CAS.
  • You will be able to identify the requirements of various Cost Accounting Standards.
  • You will be able to identify the proper documentation required.

Runtime: 87 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of CAS

  • Purpose
  • Types of CAS Coverage
  • When Is a Company Subject to CAS
  • CAS Standards Overview

CAS 406 Accounting Period

  • Purpose
  • Clause
  • Restructuring Costs
  • Reasons for Changes
  • Audit Considerations

CAS 407

  • Purpose
  • Clause
  • Examples

CAS 408

  • Purpose
  • Types of Leave
  • Clause
  • Which Leave Is Accrued
  • Accounting for Leave
  • Executive Order 13706
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 14, 2020.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.0 including Accounting (governmental) 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting (governmental) for 2.0 hours. Prerequisite: basic knowledge of government procedures. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Matthew McKelvey

Matthew McKelvey

The McKelvey Group

  • Owner of The McKelvey Group, Inc. (TMG)
  • Regularly teaches classes via webinars, conferences, and training courses on: government contract compliance, DCAA audit compliance, DCAA adequate business systems (accounting, estimating, purchasing), CAS compliance, basic, intermediate, and advanced pricing, pricing strategy, negotiation in government contracting
  • Member of the National Contract Management Association (NCMA), Association of Proposal Management Professionals (APMP), and the American Society of Appraisers (ASA)
  • B.S. degree in finance, Penn State University; M.B.A. degree in finance and marketing, University of Maryland
  • Can be contacted at 800-346-3154, www.themckelveygroup.com, or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 407551
Published 2020
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