This comprehensive 2-day virtual course provides government contractors with the essential knowledge and tools to prepare and submit accurate, adequate, and complete Incurred Cost Submissions (ICS) in compliance with FAR Part 42 requirements. Designed for contractors subject to the Allowable Cost and Payment contract clause, this course demystifies the ICS process and helps mitigate the risk of audit issues while maximizing allowable cost recovery. Through step-by-step guidance, participants will learn to analyze ICS Model Schedules, contract costs, and rate structures, ensuring compliance with federal requirements. Whether you are a seasoned contractor or new to federal contracts, this course will empower you with practical insights to streamline your ICS preparation process. Key Learning Objectives: By the end of this course, participants will be able to: • Prepare a compliant Incurred Cost Submission. • Apply rules of allowability and allocability effectively. • Identify and capture all allowable costs for reimbursement. • Analyze and complete ICS data points accurately. • Utilize the Incurred Cost Electronic Model (ICE) proficiently. Who Should Attend: This course is ideal for: • Government contractors with cost-reimbursement contracts • Accounting and finance professionals managing federal contract compliance • Business leaders seeking to ensure accurate ICS submissions • New contractors preparing their first ICS submission Course Highlights: • Comprehensive overview of ICS requirements and FAR Part 42 compliance • Detailed walkthrough of accounting rules for allowability and allocability • Insights into developing indirect rate structures and presenting claimed costs • Strategies to identify critical data points and minimize audit risks • Hands-on analysis and practical application of the Incurred Cost Electronic Model (ICE) Join this engaging virtual workshop to gain the confidence and expertise needed to master the ICS process and meet your federal co