Seminar
Incurred Cost Submissions
Seminar Dates and Location Instructors
Contact us for In-House Training John Dyer and John Van Meter
Overview
This course provides contractors with what they must know about the Final Indirect Cost Rates (Incurred Cost Submission) regulatory requirement and environment. The seminar covers the mechanics and compliance of the ICS (Incurred Cost Submission) using the Federal Acquisition Regulation (FAR) 52.216-7 mandated schedules and common pitfalls experienced with the Defense Contract Audit Agency (DCAA) and the Defense Contract Management Agency (DCMA).
Federal contractors with contracts containing the allowable cost and payment clause (FAR 52.216-7) are required to submit an adequate incurred cost submission within 6 months of fiscal year end or other period expressly agreed to with the contracting officer. The effectiveness of compliance with this accounting system requirement can benefit contractors in the form of:
1) DCAA low risk determinations with eliminated or reduced audit support hours;
2) Mitigation of risk associated with negative incurred cost submission audit findings impacting accounting system reviews; and
3) Adequate recovery of final indirect expense rates and direct contract costs.
Participants are provided a detailed walk through of the ICS process using the mandated electronic schedules and sample ICS process documentation to support DCAA or other customer accounting system reviews. Examples incorporated in the course include varied business models and accounting structures. Instructors address the impact of varying business practices, rate models and source data collection methods on the ICS process. A series of questions and a case study reinforce ICS contractual requirements and practical guidance on ICS preparation and support.
Whether you are preparing your first ICS, resubmitting your submission after inadequacy determinations or just waiting for the next shoe to drop, you will be provided with the skills and tools to develop a compliant ICS process that provides adequate submissions.
Click here for Seminar Agenda
Incurred Cost Submissions
Seminar Dates and Location Instructors
Contact us for In-House Training John Dyer and John Van Meter
Overview
This course provides contractors with what they must know about the Final Indirect Cost Rates (Incurred Cost Submission) regulatory requirement and environment. The seminar covers the mechanics and compliance of the ICS (Incurred Cost Submission) using the Federal Acquisition Regulation (FAR) 52.216-7 mandated schedules and common pitfalls experienced with the Defense Contract Audit Agency (DCAA) and the Defense Contract Management Agency (DCMA).
Federal contractors with contracts containing the allowable cost and payment clause (FAR 52.216-7) are required to submit an adequate incurred cost submission within 6 months of fiscal year end or other period expressly agreed to with the contracting officer. The effectiveness of compliance with this accounting system requirement can benefit contractors in the form of:
1) DCAA low risk determinations with eliminated or reduced audit support hours;
2) Mitigation of risk associated with negative incurred cost submission audit findings impacting accounting system reviews; and
3) Adequate recovery of final indirect expense rates and direct contract costs.
Participants are provided a detailed walk through of the ICS process using the mandated electronic schedules and sample ICS process documentation to support DCAA or other customer accounting system reviews. Examples incorporated in the course include varied business models and accounting structures. Instructors address the impact of varying business practices, rate models and source data collection methods on the ICS process. A series of questions and a case study reinforce ICS contractual requirements and practical guidance on ICS preparation and support.
Whether you are preparing your first ICS, resubmitting your submission after inadequacy determinations or just waiting for the next shoe to drop, you will be provided with the skills and tools to develop a compliant ICS process that provides adequate submissions.
Click here for Seminar Agenda