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Cost Accounting Standard Considerations for a Growing GovCon

Cherry Bekaert

Contact Us The post Cost Accounting Standard Considerations for a Growing GovCon appeared first on Cherry Bekaert.

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Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors

Cherry Bekaert

Cost Accounting Standards (CAS) are 19 standards and rules promulgated by 41 U.S.C. They are designed to achieve uniformity and consistency in cost accounting practices and to improve the accuracy of cost data by ensuring its basis on consistent definitions and principles.

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Understanding Incurred Cost Proposal Submissions: A Crucial Aspect of Government Contracting

Withum

The government reimburses contractors for these costs as long as they are compliant with federal regulations and the terms of the contract. Audit Preparedness: Government contracts are subject to audits, and ICPs serve as a critical documentation tool during these audits.

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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? All publicly traded companies are required to follow GAAP.

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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23

Going Concern

Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [ Financial Times ] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month.

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Understanding Accounting Software and DCAA Compliance

Accounting Seed

In a nutshell, being DCAA compliant means that the organization simply has systems and procedures in place to comply with the DCAA audit. What does it really mean to be compliant?

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Cannabusiness Tax Liabilities and How to Navigate Filing

CPA Practice

147 ensured that these critical costs incurred by cannabusinesses be classified as deductibles for income tax purposes. However, this means that these entrepreneurs must be diligent in their cost accounting or risk leaving deductions on the table – or worse – taking wrongful deductions that can have consequences for your business.

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