Part 1: FAR Part 15 versus FAR Part 12 – A New World of Risk
In tough economic times, many commercial companies attempt to maintain or grow revenues by securing contracts with the US Federal Government. Commercial item contracting (Federal Acquisition Regulation (FAR) part 12) carries the least risk. When stepping outside the commercial item arena and into the world of negotiated government contracting, unpleasant surprises await the unwary and unprepared. Expectations of reasonable profits may ultimately yield real losses and latent liabilities. Rewards accrue to those who know beforehand what they’re getting into. In this one-hour webinar, we will discuss:
- How the size of your company, contract value, and contract type govern the applicability of contract and regulatory compliance requirements.
- The essential prerequisites necessary to identify, manage and mitigate compliance risks successfully.
- The current state of the negotiated government contracting environment, including several hot topics every FAR Part 15 contractor must know.
Part 2: Principles of government contract accounting every contractor executive must know
This fast-paced webinar distills the Government’s cost accounting and cost- based pricing rules into a handful of key principles that every contractor executive must know. These key concepts, presented in layman’s terms, form an important framework that will help contractors design compliant accounting and pricing practices to avoid significant compliance pitfalls. While this session is not designed to provide “everything you need to know" in the tedious world of government contract cost accounting and contract pricing, it will help responsible executives prevent or detect potential issues that may significantly impact profitability, competitive positioning, and the Company’s reputation.
Key concepts include:
- Full absorption cost accounting
- Direct vs. indirect costs
- Cost allowability
- Cost reasonableness
- Cost allocability and indirect cost rates