Government Contractors face unique regulatory compliance challenges. With knowledge of Federal regulations and accounting methods, contractors and their accounting professionals can successfully navigate the Government's oversight of contract cost accounting and billing of contract costs. In this course, we examine the cost accounting environment within which Government Contractors must comply, report, and operate.
Three core elements of Government Contract Cost Accounting are driven by the Government's interest in administering due diligence over the acquisition pricing of goods and services:
- Determining Accounting System Adequacy,
- Establishing Provisional Billing Rates, and,
- Submitting a Final Indirect Cost Rate Proposal
For each we will identify what is required, provide examples to illustrate the practical application of these requirements, and explain what to expect from Government auditors during their audits of these systems, processes, and reports.
We take a detailed look at the Federal Acquisition Regulation (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), DCAA (Defense Contract Audit Agency) Audit Programs and other guidance in reviewing the cost accounting requirements imposed on Federal Government Contractors. For a detailed outline of topics and resources covered in the course, please see the Course Outline.
In this course we review the core elements of Government Contract Cost Accounting and what to expect when Government auditors conduct their oversight. Upon completing this course you should be able to:
- Identify the compliance requirements that arise from the award of certain contract types.
- Differentiate types of costs and associated methods used for cost accounting in Government contracts.
- Relate the configuration of a contractor's accounting system to the criteria in Standard Form 1408.
- Provide examples of how the contractor's accounting system satisfies the auditor based on the audit program.
- Recognize the requirements for establishing and monitoring provisional billing rates pursuant to FAR Subpart 42.7.
- Evaluate the adequacy of each schedule included in a contractor's Final Indirect Cost Rate Proposal, pursuant to FAR Clause 52.216-7.
- Identify relevant source regulations and guidance pertaining to accounting system compliance, provisional billing rates, and final indirect cost rate proposals.
For more information, see the full Course Outline with topics, resources, and specific learning objectives by Module.
Self Study Program Format
Instructor/Author: Robert C. Smith, CPA (View Bio)
This online Self-Study course is presented using video lessons, interactive quizzes and review activities, digital course files and source references, and an online exam. Course materials are available for 24/7 online access using a web browser. A mobile app is also available for viewing video lessons and accessing course materials on the go. Participants nagivate through the course on their own schedule and at their own pace, without interaction with a course instructor or other course participants.
This course is divided into 9 Learning Modules, each including:
- Module Learning Objectives
Specific learning objectives identify key outcomes for each module.
- Video Lessons
Video tutorials explain key concepts, highlight related Federal regulations, illustrate requirements with sample data, and identify what to expect during an audit. Pause and reference the source documents and course publication. Re-watch segments as needed. View in browser, or using the mobile app.
- Quizzes with Feedback
Quizzes are provided a the end of each lesson, with additional Review Activies at the end of select Modules. Feedback is provided with each correct and incorrect answer. Use these questions as a tool for assessing material that should be re-studied.
- Source Resources & Supporting Documents
Links to source references (e.g. FAR, DFARS, DCAA guidance), as well as sample data, are included within each module.
The Cost Accounting for Government Contractors course includes a companion eBook, What Accountants Need to Know about Cost Accounting for Government Contractors, which is available for download as a pdf file in the course materials. The publication provides a written explanation of the course subject matter, and includes figures to illustrate the concepts, a glossary of terms, and an appendix with source references. The publication should be used as a learning tool for completing the course and as a reference after the course is completed.
To recieve CPE credit, participants must complete all video lessons and achieve a passing grade of at least 70% on the Qualified Assessment.
Policies & Procedures
This self study program is expressly for individual use and is not intended for group presentation. Unauthorized replication of or use of the course materials to facilitate group live training is prohibited. CPE credit for this course, pending approval, may only be issued by ICAT Systems for successful completion of a self study program. For group live training programs, please contact us.
You can register online by creating an account on the ICAT Systems website and completing your purchase via credit card. Upon purchase you will be enrolled in the course and have access to the course materials through the training portal.
Each individual taking the course will need an account with their own login credentials in order to receive credit for the course and be issued a CPE certificate upon completion.
To register multiple individuals, please email us.
Course Completion »
To complete the course for CPE credit, all video lessons must be viewed and the Qualified Assessment (i.e. final exam) must be completed with a grade of 70% or better. The Qualified Assessment will be graded automatically upon submission. Course participants will be notified of their grade within the training portal upon submitting the Qualified Assessment. Participants will have one (1) opportunity to successfully complete the Qualified Aassessment. Upon the participant completing the course requirements and meeting the passing requirement for the Qualified Assessment, the CPE Certificate will be issued for the recommended CPE credit hours.
Participants who do not pass the Qualified Assessment are not permitted to retake the exam without a new registration for the course. A participant may re-register with a retake fee to reset the availability of course materials and have an additional attempt at the Qualified Assessment.
The course is expected to take 12 hours to complete. Please allow ample time.
Course Expiration »
This course will be available for 180 days after purchase/enrollment. The specific expiration date will be displayed on the dashboard when signed in to the training portal. All course materials and the qualified assessment must be completed prior to course expiration. You will not have access to the course materials (videos, quizzes, publications, supporting documents) after that date. Through you account, you may continue to access your course completion information and certificate for up to 3 months after completing the course. Please save a copy of your CPE Certificate outside of the training portal and retain for your records. For records after that period, please contact us.
If you must cancel your enrollment, you must do so within 15 calendar days from purchase/enrollment. Please email
a written request for withdrawal and refund within 15 days of purchase.
When the enrollee has not started the course, a full refund will be provided. When the enrollee has started but not completed the course, a request for a full refund may be denied. All printed course materials must be returned to ICAT Systems and all electronic versions of course materials must be deleted from all devices as a condition of refund.
No refunds will be given once you have started or completed the qualified assessment, or a significant portion of the content has been viewed and/or downloaded.
Please contact us
if you are not happy with the course or need to modify your enrollment. For more information regarding refund, concerns, and program cancellation policies, please call our offices at (304) 592-4159.
In the unlikely event ICAT Systems must cancel a training program which has not been completed by a registered participant, ICAT Systems will notify current registrants in that program, and attempt to receive written or verbal confirmation of receipt of this notification. In circumstances where participant registration cannot be transferred to and/or rescheduled for an equivalent training program, payments for training programs cancelled by ICAT Systems prior to completion by the participant will be refunded.
Concerns or Issues »
Issues or concerns regarding any ICAT Systems CPE program should first be addressed to the ICAT Systems Training Administrator:
In writing: firstname.lastname@example.org -or-
By phone: (304) 592-4159
ICAT Systems will review all concerns and respond as soon as possible within 5 business days. ICAT Systems will seek a prompt and satisfactory resolution to any issues or concerns.
Course Publication/Revision Date: 9/2018
ICAT Systems 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