Preparing the Incurred Cost Submission

Doing business with the US Government is always challenging and the many onerous accounting requirements only make it more difficult. The purpose of this class is to help add clarity to Incurred Cost Submission requirement, which is an annual requirement for any contractor with flexibly priced contracts. This course will provide government contractors with a step by step guide in developing their Incurred Cost Submission to ensure that all allowable costs are properly captured and claimed for reimbursement, while also minimizing audit risk. Before contractors can fully understand the mechanics of the submission they have to understand the detailed government contract accounting requirements governing allowability, allocability, and reasonableness. The course will provide attendees with a detailed review of the both the required and optional schedules of the submission. Additionally, through the use of a case study, attendees will walk through a sample submission and gain a thorough understanding of the critical data points, supporting documentation, and how to reduce DCAA audit risk. This course will provide attendees with the expertise needed to successfully complete the submission and prepare for the audit. In addition, we will provide the attendees with real life examples of existing incurred cost challenges, DCAA audit positions, and a detailed overview of the current DCAA audit environment and the challenges they present to contractors. Whether you are completing your incurred cost submission for the first time or learning that what you’ve been doing for the last 20 years is now in question, this course can provide you the answers.

Learning Objectives

• Applying & Establishing an Indirect Rate Structure
• Managing Indirect Rates
• Identifying Unallowable Costs & FAR Part 31
• Ensuring Consistent Treatment of Costs
• Determine when the Incurred Cost Submission is required and its purpose
• ICS schedule analysis and differentiation
• Apply the Incurred Cost Submission