A Practical Guide to the Incurred Cost Submission (ICS)

Sep 15 - Sep 16

A Practical Guide to the Incurred Cost Submission (ICS)8:00 am - 3:00 pmGovernment contractors subject to an Allowable Cost and Payment contract clause must submit an adequate incurred cost proposal together with supporting data for each fiscal year within six months after the end of those fiscal years. To establish final indirect rates and direct contract costs consistent with these important procurement provisions, contractors must understand all components of an adequate incurred cost proposal and the costs that must be included within these submissions. This course focuses on what contractors must know about the Incurred Cost Submission, ICS, including analysis of ICS Model Schedules, Contract Costs, and Rate Structures. This workshop is designed to show contractors how to identify and capture all allowable costs that may be claimed for reimbursement in the prescribed format consistent with FAR Part 42 requirements, and mitigate the risk of audit problems and issues. The instructors will provide a detailed, step by step guide to the preparation and development of the Incurred Cost Submission ICS. It begins with an explanation of accounting requirements such as the rules for allowability and allocability required to facilitate the successful completion of an ICS. The workshop also analyzes the different types of indirect rate structures used by contractors and delineates how companies should develop and present indirect rate structures and claimed costs as a part of these submissions. Through the use of a case study and exercise, workshop attendees will prepare and develop a company ICS. Students will learn critical data points, supporting documentation, and how to reduce audit risks when these submissions are reviewed. In addition, the workshop will cover the Incurred Cost Electronic model ICE, the electronic version of the model incurred cost proposal, and learn how it should be filed. Whether you have been doing business with the Federal Government for many years or have just won your first contract award, you will be provided with the skills and tools that will help to ensure that your submission is accurate, adequate, and complete. Who should attend:
CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting. Any organization who are required to submit their incurred costs to the Federal Government Learning Objectives:
- Prepare an Incurred Cost statement
- Understand and apply the rules around allowability
- Understand and apply the rules with allocability
- Correctly identify data points to complete an ICS
- Effectively use the Incurred Cost Electronic model correctly Planet Hollywood
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