What section of the FAR covers cost principles?

The section of the Federal Acquisition Regulation (FAR) that covers cost principles is found in FAR Part 31. This part specifically provides guidelines for the allowability, allocability, and reasonableness of costs incurred by contractors when performing government contracts. It outlines the rules regarding various types of costs, such as direct and indirect costs, and establishes the framework for ensuring that costs charged to government contracts are proper and justified.

Understanding FAR Part 31 is essential for contractors and contracting officers as it helps to determine how costs should be treated in the pricing of contracts and in contract performance. This part also includes detailed criteria to assess specific costs, ensuring compliance with federal requirements.

The other parts mentioned focus on different aspects of the acquisition process. For instance, FAR Part 30 deals with cost accounting standards, which are different from the cost principles laid out in Part 31. FAR Part 32 pertains to contract financing, while FAR Part 33 addresses protests and disputes, making them unrelated to the specific principles governing cost accounting and allowability.