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FAR 31 Cost Principles

ICS Essentials #7: Key FAR Clauses You Must Know for ICS Compliance

February 18, 2026 by Vik Singh

Key Federal Acquisition Regulation (FAR) clauses for ICS compliance including FAR 52.216-7, FAR 31.2 cost principles, and T&M payment rules.

GovCon Wednesdays Estimated Read Time: 5 minutes Every Incurred Cost Submission is built on a foundation of key Federal Acquisition Regulation (FAR) clauses. These clauses define what costs are allowable, how they must be documented, and which contracts require ICS filing. Understanding these FAR requirements is essential for preparing a compliant ICS and avoiding questioned or disallowed costs. This article outlines the clauses highlighted in your ICS slide deck. Core… Read More

Filed Under: ICS Tagged With: Contract Compliance, DCAA Audit, FAR 15.403-4, FAR 31 Cost Principles, FAR 52.216-7, FAR Clauses, GovCon Compliance, Government Contracting, Incurred Cost Submission, VSINGH CPA

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