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The Federal Acquisition Regulations (FAR) is constantly changing. So are tax regulations and DCAA audit guidance that affect your business. Your biggest challenges are to stay on top of which costs are allowable, avoid triggering a contract audit—but ace it if you do—and understand any and all tax legislation or regulations that affect your bottom line.

That’s why we have put the entire Cost Accounting Workshop from the successful 16th Annual Fast Tracks 2007 Conference on CD. Share this valuable information with colleagues. Have available important guidance when you need it. Plus, hear all the in depth answers to your colleagues toughest cost accounting questions. Order Today!

Introduction to Cost Accounting

Gaining an understanding of troublesome cost issues can save you valuable time and money. Now you can get the information you need to avoid accounting pitfalls and generate more revenue. You will learn:

• Essential cost definitions that govern your daily processes.
• The applicability of critical cost principles to contract actions.
• What cost “reasonableness,” “allocability,” and “allowability” really mean to your contract.

Allowable vs. Unallowable Costs

Getting a firm grasp of what costs are “allowable” and “unallowable” can keep the auditors from knocking at you door. And knowing how to minimize unallowable costs will maximize your profit while helping you to avoid potential contract audit pitfalls. Find out how by learning:

• Tools and strategies to minimize unallowable costs.
• Techniques to ensure allowable costs are adequately considered in the pricing decision.
• The importance of overhead cost allocations.

Understanding Cost Accounting Standards (CAS)

Government contracting is one of the few industries in which cost actually has value—but only if the cost conforms to the requirements contained in the cost principles and the cost accounting standards. In this session, you’ll find out:

• Cost Accounting Standards (CAS) essentials and what they mean to your business.
• How these standards are applicable to contract actions.
• What small businesses need to know.
• Which CAS issues are most challenging for contractors like you.

DCAA Audit Update

Each year, the Defense Contract Audit Agency (DCAA) releases new goals and launches new initiatives to more effectively monitor contracts and eliminate questionable costs. Whether you are a small business or a large contractor, you need to know the new DCAA “hot buttons” and what you can do to prepare for increased contract scrutiny and new focus areas. In this session, you’ll find out exactly what DCAA’s 2007 audit mission is—and what it means for your federal contracts. You’ll learn:

• The impact that new regs will have on your accounting processes.
• Proven best practices for audit preparation in light of DCAA’s more aggressive approach to questionable costs.

Workshop Speakers: Ken Bricker, Partner and Greg Funkhouser, Partner in charge, Goodman and Company