{"id":152,"date":"2026-02-04T09:00:19","date_gmt":"2026-02-04T09:00:19","guid":{"rendered":"https:\/\/www.vsinghcpa.com\/blog\/?p=152"},"modified":"2026-04-14T18:53:29","modified_gmt":"2026-04-14T18:53:29","slug":"ics-essentials-5-whats-included-in-an-ics-breakdown-of-required-schedules","status":"publish","type":"post","link":"https:\/\/www.vsinghcpa.com\/blog\/ics-essentials-5-whats-included-in-an-ics-breakdown-of-required-schedules\/","title":{"rendered":"ICS Essentials #5: What\u2019s Included in an ICS? Breakdown of Required Schedules"},"content":{"rendered":"

GovCon Wednesdays<\/strong><\/span><\/p>\n

Estimated Read Time: 5 minutes<\/strong><\/p>\n

The Incurred Cost Submission (ICS) is more than a single document, it is a structured package of schedules designed to reconcile your fiscal year\u2019s direct and indirect costs and certify that all claimed costs comply with FAR 52.216-7.\u00a0These schedules help the government determine whether your billed costs were reasonable, allowable, and allocable, and they support final indirect rate determinations and contract closeouts.\u00a0This installment explains what\u2019s included in a standard ICS.<\/p>\n

Core Concept: What\u2019s Included in an ICS?<\/strong><\/h2>\n

Your slide deck defines an ICS (also known as an ICP or ICRP) as a collection of schedules containing detailed information about a contractor\u2019s incurred costs for the year. These schedules allow the government to reconcile actual costs with prior billings and ensure compliance with FAR cost principles.<\/p>\n

Although the exact schedule list varies by agency, all ICS packages contain the same core components.<\/p>\n

Business Impact: Key ICS Components<\/strong><\/h2>\n

1. Direct Cost Schedules<\/span><\/strong><\/h3>\n

These schedules detail the direct costs incurred by contract or project, such as:<\/p>\n