The Government Contracting Accounting System Adequacy –
The Importance of the Accounting Policy Manual Series

Many Federal Government contractors believe their accounting system is adequate for doing business with the Government prior to an audit. Relatively few contractors go to the trouble of making their accounting system policies part of their fabric. For the accounting system to be deemed adequate, the policy manual must address all the aspects of cost accounting for flexibly-priced Government contracts. No other topic gets more scrutiny when a contractor wins a cost-plus award than their cost accounting policies. They form the framework that defines reliable accounting and cost data as well as allocations and determination of allowable costs.

When DCAA audits a contractor for having an acceptable accounting system, they are considering whether or not they fulfill the requirements as a responsible prospective contractor. In this part, we will discuss the basics of the cost accounting policies that must be established to gather, record, classify, analyze, summarize, and present accurate and timely financial data for booking, billing and reporting in compliance with applicable laws, regulations, and management decisions.

Learning Objectives

1. Find out what & why you need for the basics of an accounting system policy manual
2. Learn how integral the SF1408 and the Accounting System Adequacy Audit require cost accounting policies
3. Discover why a job cost report is essential to an adequate accounting system and how it is beneficial to managing, reporting and auditing your contract costs
4. Uncover the importance of indirect rates and maximizing cost recovery
5. Gather what you need for the 12 cost accounting system policies
6. Obtain the reasons behind segregating unallowable costs

Part 2:  Accounting System Policies – Cost Accounting
Tuesday, October 20, 2020 2 PM EDT

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