The National APEX Accelerator Alliance (NAPEX) and your local APEX Accelerator Program is excited to announce the upcoming DCAA Cost Reimbursable Requirements Series. Part 1 of the Cost Reimbursable Requirements Series includes Accounting System Requirements and Incurred Cost Submissions.

Prior to being awarded a cost reimbursable contract, federal government contractors need to ensure their accounting system is adequate for determining costs applicable to federal contracts. This is accomplished when DCAA conducts a Pre-Award Accounting System Audit at the request of a federal agency. Experts from DCAA will discuss the federal regulations that define an acceptable accounting system, evaluate the minimum requirements of the SF 1408 criteria, and how small businesses can prepare for this type of audit. This training will differentiate between direct versus indirect costs, define total contract costs, provide an overview of indirect allocation bases, and explain how FAR Part 31 clauses describe allowability, allocability, and reasonableness.

At the end of a defined accounting period, federal government contractors must submit actual costs incurred to DCAA. The intention of this process is for DCAA to review costs claimed to ensure they are allowable, allocable, and reasonable per FAR 31, as well as within the terms of their respective contracts. DCAA will discuss requirements for the annual submission and what DCAA considers to be elements of an adequate submission. This training provides an overview of the DCAA Incurred Cost Electronic (ICE) model, which provides contractors with a standard user-friendly package to compile their financial data. DCAA will also discuss its adequacy review process and means of how they select submissions for audit.