Course ID: GC-IDR04

Understanding the FAR Subpart 31.2 Cost Principles that Impact Your Indirect Rates (Part 4)

FAR Subpart 31.2 provides principles about allowability, reasonableness and what is allocable. In addition, there are about (52) selected cost principles that determine whether your claimed cost will be recovered or if it is not reasonable or allocable. We will go through the more important and commonly used cost principles that impact both direct and indirect cost recovery.


LEARNING OBJECTIVES
  • Discuss the fundamental concepts pertaining to cost allowability that includes reasonableness, allocability, credits and contract terms and conditions
  • Develop skills necessary identifying unallowable costs that will enable you to segregate unallowable costs from proposals, invoices and incurred/claimed cost
  • Acquire the confidence in learning the entire spectrum of selected cost principles that you will use on a daily basis in government contract cost accounting
  • Improve your internal controls and on-going compliance by working with the selected cost principles
  • Gain insights into the how to use the FAR Subpart 31.2 regulations and expressly unallowable cost

MAJOR TOPICS
  • What are the principles of allowability, reasonableness and allocability
  • What impact on cost recovery does credits as well as contract terms and conditions
  • What are expressly unallowable cost and associated penalties
  • We will list and categorize all of the (52) selected cost principles
  • We will discuss the commonly used selected cost principles
  • We will show the impact of selected cost principles on indirect cost and rates

DESIGNED FOR
For Government Contractors: CEO, COO, legal, Finance & Administration, CFO, Controller, Director of Accounting, Accounting Manager, Accounts Receivable, Accounts Payable, Payroll manager, Timekeeping personnel, Invoicing, Job Costing, Compliance Officer or Compliance, Project Manager, Assistant or Deputy Project Manager, Project Officer, Quality and Assurance, Contracts Director or Contracts Manager, Pricing or Director of Pricing, Bid and Proposal personnelFor Construction: Superintendents, Field Project Manager, Project Manager, Project OfficerFor personnel working for the Federal Government: auditors, inspectors, procurement personnel. Contract officer, contract specialists, contract administrators, contract officer technical representative (COTR), contract officer representative (COR), Pricing personnelConsultants: legal, accounting, finance that interface with government contractorsPublic accountants that have the government contractor industry

FIELD OF STUDY
Accounting (Gvmt)

PREREQUISITES
None

COURSE PRODUCER
Business Learning Institute

CPE CREDITS
2.0

LEVEL
Basic

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