There are 46 cost principles included in FAR Subpart 31.
A cost is allocable if there is a relationship between the cost incurred and the performance of the contract. A relationship between the cost and contract includes a cost specifically incurred for the performance of the contract. Costs incurred for the specific contract as well as for other work being performed, and the costs can be distributed to the work in a reasonable proportion to the benefit received (indirect cost – such as overhead). This video reviews how costs incurred are necessary for the overall operation of the business, although no direct relationship can be shown.
Agenda
Faculty
Anthony Kim
Capital Edge Consulting
- Managing director, Capital Edge Consulting
- Almost 20 years of experience in cost accounting and compliance issues related to federal government contracts
- Specifically, he is knowledgeable in the areas of government contract procurement regulations, Cost Accounting Standards, Contractor’s Business System Requirements, and Auditing Standards
- Teaches public and in-house training classes, seminars and workshops through multiple organizations on topics relating to Contractor Business Systems, Cost Accounting Standards, Indirect Rate Structures, and other cost accounting and compliance topics in government contracting
- B.S. degree, in accounting, George Mason University
- Member of the Institute of Management Accounting, the National Contract Management Association, and the National Defense Industry Association Contract Finance Committee
- Can be contacted at [email protected] or 703-919-5927
Robert Craig
Saggar & Rosenberg, P.C.
- Principal, Saggar & Rosenberg, P.C.
- Over 30 years of experience providing accounting and compliance solutions and services related to federal government contracting
- Specializes in the Generally Accepted Accounting Principles, Federal Acquisition Regulations, and Cost Accounting Standards and has supported government contractors with numerous matters, including financial accounting, mergers and acquisition due diligence, litigation and claims, cost accounting/allocation, strategic rate restructuring, contract compliance, process improvement, and strategic planning as well as proposal pricing and development
- Teaches public and in-house training classes, seminars, and workshops through multiple organizations on topics relating to contractor business systems, cost accounting standards, cost and price realism, defective pricing, and other cost accounting and compliance topics in government contracting
- Member of the Loudoun County Chamber of Commerce and Maryland Tech Council and former Vice-chair of the Accounting, Cost, and Pricing Committee of the American Bar Association.
- B.S. degree in accounting, and M.B.A. degree, La Salle University; also a certified fraud examiner (CFE)
- Can be contacted at 301-461-1601 or [email protected]
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