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Cost Accounting Standards and Compliance

Navigate through the strategic areas for consideration when establishing cost accounting standards compliance.

Many federal contractors struggle with the design and setup of their overhead pools and overall indirect rate structure. Its design is vital in determining how much of the organization's indirect cost can be recouped on each of its contracts. This challenge impacts contractors regardless of the organization's size and tenure in the federal government contracting marketplace. Companies trying to enter the government contracting arena may be setting up a rate structure for the first time. Veteran contractors may be evaluating whether or not changes to the indirect rate structure would benefit the organization. Navigate through many areas for consideration when evaluating overhead rates, including costs which are allowable vs. unallowable, common pool and allocation bases, 2 tier vs. 3 tier structure, and strategic organizational considerations. This information is geared for the person(s) involved in the evaluation and management of the indirect rate structure, in contract finance, and others who want to better understand overhead rates and indirect rate structures.

Learning Objectives

  • You will be able to recognize Modified CAS Coverage and the four standards.
  • You will be able to identify Full CAS Coverage and the 19 standards.
  • You will be able to differentiate between the CAS Standard types.
  • You will be able to identify the history of CAS and disclosure statement requirements.

Runtime: 84 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

Introduction to the Cost Accounting Standards and Applicability

  • Modified CAS Coverage - Four Standards
  • Full CAS Coverage - All 19 Standards

CAS Standards

  • Basic CAS Concepts (Four Standards)
  • Allocation of Costs (Four Standards)
  • Compensation (Four Standards)
  • Assets (Four Standards)
  • Other (Three Standards)

Disclosure Statements

  • Changes
  • Cost Impacts
  • Strategy

Recent Developments

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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 June 5, 2019.

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

  • CPE/NASBA - QAS Self Study 2.2 including Specialized Knowledge 2.2
     
  • 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: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.2 hours. Prerequisite: . 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

Robert Craig

Robert Craig

Capital Edge Consulting

  • Partner, Capital Edge Consulting
  • Over 30 years of experience providing accounting and compliance solutions and services related to federal government contracting
  • Specializes in the Generally Accepted Accounting Principles, Federal Acquisition Regulations and Cost Accounting Standards and has supported government contractors with numerous matters, including financial accounting, mergers and acquisition due diligence, litigation and claims, cost accounting/allocation, strategic rate restructuring, contract compliance, process improvement and strategic planning as well as proposal pricing and development
  • Teaches public and in-house training classes, seminars and workshops through multiple organizations on topics relating to contractor business systems, cost accounting standards, cost and price realism, defective pricing, and other cost accounting and compliance topics in government contracting
  • Vice-chair of the Accounting, Cost and Pricing Committee of the American Bar Association; and a member of the National Contract Management Association, National Defense Industry Association, Professional Services Council, Association of Government Accountants, and Northern Virginia Chamber of Commerce
  • B.S. degree in accounting, and M.B.A. degree, La Salle University; also a certified fraud examiner (CFE)
  • Can be contacted at 215-285-4885 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.

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Product ID: 406352
Published 2019
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