Government Contract Accounting Certification Course
Date | Format | Duration | Fees (GBP) | Register |
---|---|---|---|---|
17 Feb - 21 Feb, 2025 | Live Online | 5 Days | £2850 | Register → |
17 Mar - 21 Mar, 2025 | Live Online | 5 Days | £2850 | Register → |
21 Apr - 25 Apr, 2025 | Live Online | 5 Days | £2850 | Register → |
14 Jul - 18 Jul, 2025 | Live Online | 5 Days | £2850 | Register → |
06 Oct - 08 Oct, 2025 | Live Online | 3 Days | £1975 | Register → |
03 Nov - 07 Nov, 2025 | Live Online | 5 Days | £2850 | Register → |
Date | Venue | Duration | Fees (GBP) | Register |
---|---|---|---|---|
17 Mar - 21 Mar, 2025 | Prague | 5 Days | £4750 | Register → |
14 Apr - 18 Apr, 2025 | Beijing | 5 Days | £4200 | Register → |
30 Jun - 11 Jul, 2025 | Chicago | 10 Days | £9925 | Register → |
01 Sep - 05 Sep, 2025 | Nairobi | 5 Days | £4350 | Register → |
06 Oct - 10 Oct, 2025 | Washington DC | 5 Days | £5150 | Register → |
29 Dec - 31 Dec, 2025 | Kuala Lumpur | 3 Days | £3375 | Register → |
Why Select this Training Course?
Government Contracts come with specific accounting requirements from the contractor by the government through the Federal Acquisition Regulation (FAR) and the Cost Accounting Standards (CAS). Although Government Contract Accounting is built upon a foundation of Generally Accepted Accounting Principles, it is more demanding of the contractor or the finance staff of the contracting firm.
Why is Government Contract Accounting needed?
Government Contract Accounting is the delicate part of receiving a government contract. The funds received or to be received need to be managed and tracked correctly so the contractor can survive government audits or recover the expenses incurred – as the case may be. The government issues contracts (purchase services and goods) using three different methods. It can be on a fixed price basis, a cost-reimbursement basis, or a time and materials basis. Fixed-Price contracts are issued with a specific price quoted to the government without subjection to any adjustments. With cost-reimbursement contracts, allowable incurred costs are paid to the extent stated in contracts. Finally, time-and-materials contracts have contractual risks lying with the government.
What are the accounting requirements expected of a government contractor?
Accounting requirements, internal controls, and system expectations are required of a government contractor. To compete and get chances at winning and keeping a contract, the contractor must comply with federal accounting regulations.
Since Government Contract Accounting builds upon the Generally Accepted Accounting Principles (GAAP), this activates a more accessible and efficient Government Contract Accounting. However, GAAP does not have enough knowledge from the contractor’s accountants or financial team. Therefore, various standards and rules have to be applied. The major ones are the Federal Acquisition Regulations (FAR), Cost Accounting Standards (CAS), and the Defence Contract Audit Agency (DCAA) Audit Manual.
The Government Contract Accounting Certification Course by Rcademy aims to prepare contractors for the accounting requirements of government contracts. It is designed to help contractors track and recover all allowable and allocable contract costs incurred successfully by the government. In addition, it seeks to enlighten on necessary strategies to prepare for auditing.
Who Should Attend?
The Government Contract Accounting Certification Course by Rcademy is suitable for people and professionals that need more knowledge about the intricacies of Government Contract Accounting, being an outlier in the world of commercial business. The following personnel should undertake this course:
- Government contract officers or administrators who need to increase their knowledge of accounting for Government Contracts and keep up with the ever-changing regulations and compliance standards
- Contract and pricing executives who are responsible or lead a team for contracts, their pricing, and compliance efforts
- Lawyers who draft and revise contracts
- Contract managers who prepare bids for new contracts and develop business proposals
- An internal auditor who is responsible for the examination of compliance level by contractors’ accounting systems
- Accountants committed to learning advanced Government Contract Accounting
What are the Course Objectives?
The Government Contract Accounting Certification Course by Rcademy aims that the participants achieve the following objectives:
- Comprehend the characteristics of the federal marketplace, the acquisition lifecycle, and other relevant regulations
- Understand key terms and definitions of Governmental Contract Accounting
- Recognize types of Government Contract
- Analyze the difference in accounting requirements for different acquisition contracts
- Understand and apply basic CAS principles
- Understand the Truth in Negotiation Act (TINA) and Cost & Price Data
- Determine basic indirect costs
- Recognize change orders and pricing methodologies
- Understand the audit process of the DCAA
How will this Course be Presented?
This Rcademy course on Government Contract Accounting is designed to add to the participant’s wealth of skills and knowledge. A detailed course delivery borne by exhaustive research on the subject matter promises interactive learning during the course duration. This course is classified into modules for thorough teaching by the course instructors, who are professionals in the field with years of practice.
This course consists of theory and practical learning by providing lecture notes, slides on the concept, case studies, and real-life scenarios. Presentations, quizzes, and constant feedback on lessons taught are set up and expected to be adopted by the participants to ensure satisfaction with the course’s aim. In addition, the curriculum is revised regularly to keep up with the evolving compliance standards of Government Contracting.
What are the Topics Covered in this Course?
Module 1: Regulatory Environment
- Characteristics of the federal marketplace
- The acquisition lifecycle
- The highlight of the regulatory environment
- Relevant regulations and rules
Module 2: Overview of Contracting
- Methods of getting a contract
- Types of contracts
- Accounting requirements for the types of contracts
- Competitive vs non-competitive methods of getting a contract
- Commercial item acquisition rules
- General Security Agreement (GSA) schedule contract
Module 3: Costs in a Contract
- Definition of allowable
- What does reasonableness mean
- Similarities and differences between allowable and allocable costs
- Advanced agreements
- Credits
- Unallowable costs
- Material cost
- Product engineering costs
- Compensation for personal services
- Uncompensated costs
Module 4: Cost Accounting Standards (CAS)
- Basic concepts in CAS
- Where to apply CAS
- The types of coverage
- Allocation standards
- Disclosure statement requirements
- Changes to cost accounting practices
Module 5: Cost Accounting Systems
- Importance of cost accounting systems
- Direct vs indirect costs
- Job order vs process costing
- Actual vs standard costs
- Accounting for indirect costs
- Calculating indirect rates
Module 6: Cost Estimation and Contract Pricing
- Truth in negotiations act (TINA)
- Cost or pricing data
- Subcontractor pricing considerations
- Certification requirements
- Cos proposal requirements
- Contractor estimating systems
- Profit analysis
Module 7: Contract Accounting and Administration
- Lifecycle of indirect rates
- Forward pricing rate agreements
- Provisional billing rate agreements
- Incurred cost claims
- Representations and certifications
- Contract cost and schedule reporting (EVMS)
- Limitations of funds and limitation of cost clauses
- Mandatory disclosure
- DOD business systems
Module 8: Contract Changes
- Overview and background of change orders
- Types of change orders
- Associated claims of claim orders
- Pricing methodologies
- Change order accounting
- Profit and interest on claims
Module 9: Surviving Government Audits
- The Defence Contract Audit Agency – DCAA
- Government audit rights
- Government auditors and their missions
- The process of auditing
- Dealing with government auditors
- Resolving audit