MEMBER EVENT: Incurred Cost Proposal Adequacy Requirements

Government contractors subject to reimbursable contract payment clauses, such as the FAR 52.216-7, "Allowable Cost and Payment" provision must submit an adequate incurred cost submission (ICS) together with supporting data for each fiscal year within six months after the completion 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.

Our class provides a step by step guide to the preparation and development of the Incurred Cost Submission (ICS) and is designed to show contractors how mitigate the risk of audit problems and issues.

After completing this 8-hour course, participants will be able to:

• Understand the regulatory requirements and auditor expectations of the ICS components
• Identify relevant schedules that are necessary for inclusion in an adequate ICP
• Understand the general process for populating ICS schedules
• Learn how cost data inserted in various schedules is interrelated with other schedule data
• Anticipate DCAA audit expectations in its initial adequacy review