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

Target Audience: Small businesses, accounting, finance, and others who work in government contracting