The government is increasingly placing emphasis on compliance with the False Claims Act (FCA) and the Truth in Negotiations Act (TINA) currently known as the Truthful Cost or Pricing Act.
As a government contractor, you are tasked with continuing contract performance under the risks of uncertain and constantly changing circumstances.
Good allocation practices can provide a better understanding of the "true" cost of your products and services, allowing you to become more competitive, better utilize your available assets and facilitate your management decision making process.
In 2014, the Financial Accounting Standards Board (FASB) issued new guidance, ASU 2014-09, Revenue from Contracts with Customers.
Most companies have found that offering incentive bonuses or awards is a good way to obtain and retain good employees.
Many government contractors start with firm-fixed-price contracts and do well, but at some point they are lured by the possibility of being awarded a cost-type fixed-fee contract that is too tempting to pass up.
The necessity to protect data is one not limited to private sector businesses that store, manage and process personally identifiable information (PII). In fact, government agencies such as the Department of Defense (DoD) also need to evaluate, review and enhance cybersecurity measures both internally and with contractors.
Cybercrime costs the U.S. economy between $57 billion and $109 billion every year and is not showing any signs of slowing down.
With increased Pentagon spending and the Defense Contract Audit Agency’s (DCAA) reduction and outsourcing of their Incurred Cost Submission audit backlog, government contractors should anticipate a significant increase in audit activity.
Government spending has increased, leaving Congress no choice but to review the Pentagon’s enforcement of the law related to the incomplete and inaccurate cost and pricing data used to establish contract pricing. First implemented in 1962 to level the playing field during contract price negotiation, the law has left many government contractors raking in the profits today. But what may seem like a windfall could lead to a downfall.