Are You Taking Full Advantage of All Government Opportunities to Fuel Growth and Innovation?
By: Susan Moser , Partner Many businesses large and small are missing out on “free money” from government sources – money that could fund their innovation and expansion efforts – according to a jointly sponsored Innovation Survey conducted by the Washington Business Journal and Cherry Bekaert. Released in September 2017, the survey indicates a disconnect. On one hand, businesses report that innovation is very important to them. On the other hand, many businesses are not claiming tax credits, tax deductions, grants and other incentives from federal, state and local sources for which they could be eligible. In this same survey, when asked. Read More.
So You Think You Are Ready for Due Diligence?
At the stage of a company’s development where it is advantageous to think about the sale of all or part of the business to a financial or strategic buyer, management teams are generally prepared to undergo a certain amount of due diligence from the buyer organization. Government contractors expect to undergo close examination of their accounting records, contract files, HR files, legal contracts, and other files and records. Many government contractors do not think that their tax files and practices will present areas of great concern, but often these areas can lead to unpleasant surprises for selling organizations. Specifically, here. Read More.
Google Jamboard Used in Michigan Course-Sharing Program
Google has teamed with three liberal arts colleges in Michigan to test its new interactive video-conferencing product, Jamboard. The internet-connected 4K television promotes an interconnected experience among the three colleges during their pilot course-sharing program. Jamboard will allow students and instructors participating in the course-sharing to write and draw on the same whiteboard surface at the same time. Google plans to promote Jamboard to businesses but hopes educational institutions will adopt the technology. More on Jamboard is available on the Inside Higher Ed website.
DCAA 2018 Hot Button Highlights
By: Curt Smith , Manager Each year Cherry Bekaert addresses topics that effect the Defense Contract Audit Agency (“DCAA”) in our DCAA “Hot Buttons” webinar. A summary of the January 17, 2018, webinar is presented here. The webinar is replay is also available on our YouTube channel. The webinar is available for replay on our YouTube channel. Section 803 of the 2018 National Defense Authorization Act (“NDAA”) Section 803 of the 2018 NDAA contains several provisions reforming defense contract auditing. Perhaps the provision with the greatest impact on DCAA directs the Department of Defense (“DoD”) to begin using private auditors to perform incurred cost audits to reduce the current backlog. The provision intends to focus DCAA resources on forward-pricing audits, which are considered. Read More.
Topics: Cost Accounting Standards "CAS", DCAA, DCAA Audits, DCAA Memorandums for Regional Directors, Defense Contract Audit Agency "DCAA", Department of Defense "DoD", Federal Acquisition Regulation "FAR", Generally Accepted Government Auditing Standards "GAGAS", Incurred Costs, National Defense Authorization Act "NDAA"
Art and Real Estate Clash in Federal Court
When a real estate developer decided to replace 5Pointz in New York City with condominiums, 21 artists filed a lawsuit claiming that demolishing the popular mural space without notice violated the Visual Artists Rights Act. The landmark trial in U.S. District Court in Brooklyn would determine whether graffiti receives federal protection. After three weeks of hearing arguments from both sides, the judge ruled in favor of the artists and awarded them over $6.7 million in damages for their art being destroyed. The ruling is viewed as a precedent for protecting street art. More on this case is available on the Nonprofit Quarterly website.
FASB to Revisit Segment Reporting Standard
As investors and analysts’ frustrations continue over segment reporting, the Financial Accounting Standards Board (“FASB”) plans to improve the consistency and application of its guidance. The FASB wants to amend Accounting Standards Codification (“ASC”) 280, Segment Reporting, which requires businesses to disclose information regarding management’s decision-making process and methods for reviewing segment performance. The standard also lists disclosure requirements on products and services, geographic regions, and a company’s top customers. Investors complain that the standard’s disclosure requirements can be excessively wide-ranging. They also say that the current guidance forces companies to group too many operating units, which makes it difficult. Read More.