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 […]

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 […]