Need Help with Your Accounting Policies and Procedures?
One of the most important aspects of an adequate accounting system lies in the supporting policies and procedures. But where do you start when developing these policies and procedures?
Simplified Accounting for Commonly-Controlled Leases
FASB's amendments to ASC 842 offer simpler guidance for common control lease arrangements and provide a practical expedient for lessees to account for leases in common arrangements without considering legal enforceability.
What Government Contractors Need to Know about PTET
Understanding the rules and laws governing PTETs and various state rules, as well as GAAP guidance, can help make sure government contractors remain compliant and efficient.
Accounting System Compliance – Foundation for Success
An accounting system for government contractors is composed of a general ledger, unallowable costs, job costing, labor collection, indirect cost allocation, and billing. An accounting system does not equate to accounting software; it is the process, including written policies and procedures.
Strategic Costing and Pricing Fundamentals for Government Contractors
Government contractors have to understand the fundamentals of strategic costing and strategic pricing in order to make correct decisions that determine their overall profitability on a job.
Government Contracting Basics: Five Types of Government Contracts Including Risks, Pros and Cons
Learn more about these five types of government contracts presented in detail - including what they entail, their risks, and the pros and cons of each.
Accounting System Compliance Risk – Before and After Contract Award
Government contractors should perform an internal assessment of their compliance before an audit is performed and participate in the audit process to ensure a favorable result.
Idle or Not Idle? That is the Question
The pandemic and the resulting changes in employee work routines and locations have created a potential cost-allowability issue that many government contractors have not previously encountered – potential idle facilities and/or idle capacity.
So, You Think You Know Unallowable Costs?
Learn about unallowable costs and what determines a costs' allowablility. We also provide a listing of FAR and DFARS clauses that are considered to contain expressly unallowable costs subject to penalties.
Implementing the Lease Standard: Things to Remember
The new lease standard has brought about a lot of changes. In this blog post, we will discuss some of the most important things to remember when implementing ASC 842. We'll also provide a checklist of tasks that should be completed in order to ensure compliance with the new lease standard.