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Cost Principles, FAR Part 31 and Direct/Indirect Overhead 2023: Indirect Rate Specifics

April 6, 2023 @ 12:00 pm - 1:30 pm



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Contractors are able to recover both direct and indirect costs. While simple in theory, pitfalls abound for contractors. This series will discuss the what costs the Government may and may not pay during a contract, how they must be accounted for, and how the contractor must treat certain types of cost-creating items.  During this 6-part program, our expert, Jennifer Flickinger, will dive into the Cost Principles, cost allocation and indirect rates – what are they, what do they say, when do they apply, and more!

First Thursday of the Month, 12:00-1:30pm (ET)
6 Monthly Sessions, from January to June

Jan 5 – Session 1 – Cost Principle Introduction and Application

During this program, we will explore what they cost principles are, when they apply, how they apply and what penalties exist for non-compliance.  We will also take a few moments to discuss the CAS, and its relationship with the Cost Principles.
Topics Include:

  • History of CAS & FAR
  • Layout and Structure of Part 31
  • What are the Cost Principles?
  • When do they apply?
  • Why are they important to me?
  • What happens when I ignore them?
  • What is the CAS, and why are we bringing it up during a Cost Principles training?

Feb 2 – Session 2 – The Principles

FAR Part 31 also includes actual rules concerning cost – covering all sorts of narrow situations, and describing how those specific costs should be handled.  In this second session, Jennifer will go over the largest offenders in the Cost Principles.  She’ll describe how these rules impact contractors, why they’re so important, and what a contractor can do to avoid these hazards.

Topics Include:

  • Selected Costs and FAR 31.205
  • Common Cost Hazards
  • Cost Best Practices
  • Contracts with Special Rules
  • Exceptions

Mar 2 – Session 3 – Going Deeper on Allocability

In the third session of our Cost Principles series, we’re going further into allocability, including basic cost accounting standards.  We’ll described the differences, we’ll offer cover cost allocability issues.

Topics Include:

  • Cost Allocability General Principals
  • Introduction to allocation under the cost accounting standards
  • Accumulation and Distribution

Apr 6 – Session 4 – Indirect Rate Specifics

In the fourth session, we pivot into the specifics surrounding indirect rate calculations.

  • Calculating an Indirect Rate
  • Indirect Rate Approval
  • Applying an Indirect Rate
  • Pools and Bases
  • 2 Tier and 3 Tier Rate Structures
  • Documenting Indirect Costs

May 4 – Session 5 – Direct Cost Specifics

In this fifth session, we take a look at the challenges specific to direct rates in government contracting.  Topics like labor and timekeeping, floor checks, and common pitfalls.

  • Identification of Direct Costs
  • Timekeeping challenges
  • Floor checks and audits
  • Direct cost allocability challenges
  • Documenting direct costs

Jun 1 – Session 6 – Cost and Price Analysis

In the final session of the program, we take a look at cost and price analysis.

  • Cost Analysis vs Price Analysis
  • When are cost and price analysis required
  • How to perform cost and price analysis
  • Documenting cost and price analysis

Cost Principles, FAR Part 31 and Direct/Indirect Overhead 2023 Series


April 6, 2023
12:00 pm - 1:30 pm
Event Category:


John Plinke


Delivery Method
Live Virtual Training