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CFG 0202: Federal Acquisition Regulations (FAR) and Cost Accounting Standards (CAS)

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CEUs
Each seminar is recommended for: Please call for information about CEUs and contact hours.
Onsite Opportunity

This course is also available on a contract basis and can be tailored to suit your organization's needs. Please contact us to discuss your onsite opportunity.

Contact Info.
Herndon Training Center at CIT
  • Online contact form
  • Address:
      George Mason University
    Office of Continuing Professional Education
      2214 Rock Hill Road, Suite 400
      Herndon, VA 20170-4213
  • Telephone: 703-993-4800
  • Fax: 703-993-4811
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    Course Description
    Features
    Topic Highlights
    Course Objectives
    CPE Information
    Certificate Program
    Course Completion Requirements
    Who Should Attend
    Evaluation Comments

    COURSE DESCRIPTION

    This two-day course covers the history of the Federal Acquisition Regulation (FAR) and the Cost Accounting Standard (CAS), current regulation highlights and effects, proposed changes and the applicability and effect of FAR clauses and CAS standards. Concepts such as allowability, allocability, and reasonableness will be explored. The course also provides an overview of disclosure statements, cost impact statements, and determination of CAS coverage and why it doesn't matter in audits. Case studies further illustrate the important concepts in complying with government regulations.

    The Federal Acquisition Regulation (FAR) and the Cost Accounting Standards Board Regulations (CAS) guides will be referenced frequently throughout the course. These two guides will be provided to each student. These guides may be used in other courses within the Contracting with the Federal Government Certificate Series.

    The guides can also be viewed online:

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    FEATURES

    This two-day course is offered by George Mason University in association with The Public Contracting Institute. No prerequisite or advanced preparation is required, although we suggest taking the Government Contracting Fundamentals first in the series. Courses are scheduled throughout the year and can be taken individually or as part of the Contracting with the Federal Government Certificate Program to earn a George Mason University Certificate of Completion. In addition, this program can be scheduled for group training at your site, at your convenience, through contractual arrangements. Contact us at 703-993-4800 for current course schedules, to register, or to discuss onsite possibilities.

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    TOPIC HIGHLIGHTS

    • The History, Authority and Structure of the FAR
    • FAR Part 15: Negotiated Contracts
    • FAR Part 31: Cost Principles
    • FAR Part 49: Terminations
    • Overview of CAS
    • CAS Standards– Modified Coverage
    • Other CAS Standards
    • Disclosure Statements

    COURSE OBJECTIVES

    • Discussion of regulatory history, prior to the creation of the FAR
    • Discover the nomenclature and numbering scheme of the FAR, and learn to locate specific FAR passages through use of your understanding of the unique FAR numbering structure
    • Learn basic constructs of the government's accounting structure as prescribed in both FAR and CAS, including: allowability, allocability, and contract requirement. Experience cost allowability determination through class exercises
    • Gain an understanding of negotiated and sealed-bid contracts and the applicability of cost or pricing and their importance
    • Describe the parameters of contract terminations and the resulting responsibilities for contractor and government personnel
    • Describe the purpose, evolution, and composition of the CAS Board
    • Examine CAS coverage, both applicability and the two types of coverage required in certain circumstances
    • Study specific standards through case studies
    • Discuss the CASB Disclosure Statement - its content, timing, audit, and related compliance requirements

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    CPE INFORMATION

    National Registry of CPE Sponsors

    George Mason University, Office of Continuing Professional Education is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417.

    This course is approved for 16 CPEs.

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    CERTIFICATE PROGRAM

    This course is part of the Contracting with the Federal Government Certificate. This comprehensive program includes five two-day courses taught by instructors with strong backgrounds in government contracting. Course content is drawn from subject matter expertise and experience in diverse government contracting environments. They are taught at George Mason University’s Training Center located conveniently in Herndon, Virginia near Dulles Airport. Seating is limited to 36 students per course.

    Register for all five courses and save!

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    COURSE COMPLETION REQUIREMENTS

    100% attendance and participation are expected from participants.

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    WHO SHOULD ATTEND

    Experienced professionals who are new or nearly new to government contracting or professionals in need of a refresher.

    • CFOs
    • Controllers
    • Accounting managers
    • Staff accountants
    • Division managers
    • Contract administrators
    • Business managers
    • Project managers

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    EVALUATION COMMENTS

    “[This course] gave me a strong basic understanding of FAR & CAS rules and knowledge of ways to research key questions.”

    "If you are new to FAR/CAS, this course is an excellent starting point."

    "This course is especially valuable to small companies who do business with the federal government."

    "I learned some valuable information that will help me in reading RFP’s responding to FAR clauses."

    "If you need a good understanding of FAR & CAS - this course will gain you good knowledge of the main clauses you need to understand."

    "Would recommend to anyone who works on the business side of a government contractor."

    "A necessity if you are in the accounting/contracting business."

    "Basic info covered- great class for almost all levels of employees"

    "It's a great overview for someone new to the field."

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