accounting principles, accounting system and Government

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

OCTOBER 7, 2020

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. This type of contract requires detailed tracking of costs.

Account

Account accountant accounted accrual accounting

Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

Government

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Financial Audit Preparation Steps: Expert Tips for An External Audit Process

Withum

JANUARY 30, 2025

AICPA Audits are for the audit of private companies, not-for-profit organizations, and smaller government entities. These audits are governed by Generally Accepted Auditing Standards (GAAS) and focus on the accuracy of financial statements. PCAOB Audits are required for publicly traded companies and entities registered with the SEC.

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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

Government

Government accounting principles Account accountant

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

OCTOBER 7, 2020

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. This type of contract requires detailed tracking of costs.

Account

Account accountant accounted accrual accounting

Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

JUNE 27, 2024

If significant system deficiencies are identified and not corrected, the DoD can impose substantial consequences, such as withholding a percentage of payment or deeming a contractor ineligible to submit bids. Table of Contents: What Are the Requirements for an Adequate Accounting System?

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Accounts for Federal Contracting Compliance: Key Requirements and Recommendations

CPA Practice

OCTOBER 31, 2024

By Jim Wesloh Navigating the challenging landscape of cost accounting within the framework of federal contracting requires an understanding of both the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP).

Account

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Overview of Cost Accounting Standards (CAS) for Government Contractors

Cherry Bekaert

JUNE 25, 2024

Contributors: Jeffrey Annessa , Artan Ivezaj Government contracts often come with specific requirements, conditions and regulations. Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors.

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Accountant Vs. Controller: What's the difference?

Basis 365

FEBRUARY 1, 2023

Controllers manage the accounting system of organizations. Controllers are responsible for setting up an efficient accounting infrastructure in smaller businesses and are an overseer for larger companies. They are crucial in organizing and executing accounting actions to ensure everything runs smoothly. Data vs.

Account

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Downtown Streets Team saves 48 hours every month with Accounting Automation

Accounting Seed

JULY 17, 2024

Previously, their accounting systems were completely outsourced, taking 60 days (sometimes more) to see a financial statement. But, when a certain threshold is met on a large government contract, they can use that fund source as its own reporting variable.

Technology

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

JUNE 29, 2023

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). It is like a complex machine, with many parts that must work together to create an effective system. What are Generally Accepted Accounting Principles (GAAP)?

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Foreign Exchange Accounting Guide for Businesses in 2022

Accounting Seed

MARCH 17, 2022

When you receive the money, the foreign currency accounting standard says you can’t automatically write down $50,000. GAAP Rules for Foreign Exchange Accounting. Generally Accepted Accounting Principles (GAAP) require you to translate the payment amount into dollars using the current exchange rate or “spot” exchange rate.

Account

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[07/11/21] The Sad State of Accounting

Baruch Lev

JULY 11, 2021

No kidding, the accounting for estimates of future cash flows from insurance contracts is the major problem with corporate financial reports? Is insurance accounting, or the accounting for income taxes or government grants the reason why so few investors are interested in just-released financial reports?

Account

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Your data problem is about to get worse—unless you take these steps to fix it

Accounting Seed

MARCH 24, 2025

As business software systems became more integrated, accounting teams formed closer partnerships with IT departments. Technical staff needed to understand basic accounting principles, while accounting professionals had to grasp the capabilities and limitations of the systems.

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Accountant Advocate

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

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Financial Audit Preparation Steps: Expert Tips for An External Audit Process

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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Accounts for Federal Contracting Compliance: Key Requirements and Recommendations

Overview of Cost Accounting Standards (CAS) for Government Contractors

Accountant Vs. Controller: What's the difference?

Downtown Streets Team saves 48 hours every month with Accounting Automation

GAAP: What It Is and Why Your Investors Expect It

Foreign Exchange Accounting Guide for Businesses in 2022

[07/11/21] The Sad State of Accounting

Your data problem is about to get worse—unless you take these steps to fix it

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