Lease Means More: The Impact of ASC 842, Part One

The Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (ASC 842) on February 25, 2016, effectively eliminating off-balance sheet financing in the form of operating lease arrangements. ASC 842 requires all leases over one year in length to be reported on the balance sheet as both lease […]

Government Grants: Contributions or Exchange Transactions?

Do federal and state governments make contributions to nonprofit organizations? Most accountants would say: “No, government departments and agencies may provide grants and other resources to nonprofits to help governments meet their social and other program requirements, but these are not contributions and should not be accounted for as contributions.” But […]

Does the Cost Accounting Standard (CAS) apply to your (sub)contract?

It can be difficult determining whether the Cost Accounting Standard (CAS) applies to your contract or subcontract. We’ve developed this infographic to help you determine whether the CAS applies to you and if a disclosure statement is required. Download PDF | Download PNG Need assistance with the Cost Accounting Standard or any […]

New Accounting Guidance for Contributions and Government Grants

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2018-08 to provide accounting guidance for contributions received and contributions made. The ASU will help clients and practitioners in evaluating whether transactions should be accounted for as contributions (nonreciprocal) transactions or as exchange (reciprocal) transactions. This will hopefully help […]

Cost Accounting Standards – Awareness is the Key to Success

Cost Accounting Standards graphic

Although almost all small to mid-sized government contractors have heard about the Cost Accounting Standards (CAS), many lack a complete understanding of the standards and the relevance to, and potential impact on, their business.  As a leading accounting service provider (audit, tax, compliance, and outsourcing) for small to mid-sized government contractors […]

Indirect Rates: 5-Part Webinar Series for Government Contractors

Earlier this year, Rubino’s Paul Calabrese and SYMPAQ’s Chris Brown co-hosted a 5-part GovCon webinar series on indirect rates. Click each part below to access the presentation materials and recordings for that session. Please note: recordings are not available for Part 1 and 2. Part 1: How to Develop DCAA-Compliant Indirect […]

The DFARS Business Systems Rule: Six System Requirements

DFARS

While the need for such a rule and the effectiveness of the Defense Federal Acquisition Regulation Supplement (DFARS) Business Systems rule in achieving its intended objectives has been widely debated, there are several provisions of the rule which are of the utmost importance to all government contractors and several others which […]

Part 5: Understanding the Cost Accounting Standards (CAS)

webinar part 5

This is part 5 of the 5-part Government Contracting webinar series on Indirect Rates. Please click here to download the materials for the session held on May 10, 2018. This session discusses: List of Cost Account Standards (CAS) CAS Applicability Significance of the CAS Thresholds Application of CAS Thresholds Disclosure Statement […]

Part 4: Understanding the FAR Part 31.2 Cost Principles that Impact Indirect Rules

This is part 4 of the 5 part webinar series on Indirect Rates. Please click here to download the presentation for the session held on April 28, 2018. Federal Acquisition Regulation (FAR) Subpart 31.2 provides principles about allowability, reasonableness, and what is allocable. In addition, there are about (52) selected cost […]