Join us for the
FAR Part 31 Cost Principles Live Training Event

August 26, 2021
8:30 AM - 4:30 PM


Overview

In our updated FAR 31 Seminar, we will identify and discuss the types of costs which are typically challenged, including the developing trends for government contract audits to apply new interpretations to “old” regulations. 

Additionally, we’ve added a panel discussion of real-life scenarios and published decisions (e.g. ASBCA) related to DCAA’s “Selected Areas of Costs”.

Learning Objectives

At the completion of this one-day comprehensive seminar participants will be able to:

  • Identify the types of contracts whose contract cost estimating, and cost accounting/reporting/billing are subject to FAR Part 31
  • Identify the FAR subparagraphs which define direct vs. indirect cost allocation concepts
  • List the three fundamental criteria for cost allowability on government contracts
  • Identify the high-risk cost categories and the applicable FAR Part 31 allowability criteria
  • Utilize DCAA’s website as a resource for identifying cost allowability regulations, interrelated regulations, and DCAA “interpretations” (which are not always consistent with the regulations)

Program Content

The course will cover the following topics:

  • FAR 31 applicability and exemptions
  • Distinctions and links between FAR and CAS
  • Accounting for unallowable costs
  • Direct costs distinguished from indirect costs and cost allocability concepts
  • Cost reasonableness principle & very recent developments
  • Cost documentation standards including records retention
  • Advance agreements
  • Certification of indirect costs and penalties provisions
  • DCAA “interpretations.” generally, but not always consistent with the underlying regulation(s)

The course will cover some of the most high-risk cost categories in FAR Part 31.205 with open discussion and panel input including:

  • Employee morale and welfare vs. entertainment
  • Advertising and public relations
  • Compensation (including a discussion of a number of ASBCA case)
  • Professional and consulting fees
  • Travel and business meetings
  • Legal costs
  • Selling and marketing
  • Reasonableness
  • Documentation