Get Ready: The Truth in Negotiations Act Threshold is about to Jump to $2 Million!
As discussed in the blog on January 17, 2018 , Section 811 of the 2018 National Defense Authorization Act will increase the Truth in Negotiations Act (“TINA”) threshold from $750,000 to $2 million effective as of July 1, 2018. This is great news for government contractors as now they are not required to submit and certify cost and pricing data on awards under this amount. If a Contracting Officer requests cost and pricing data to support proposals under the new threshold, the data provided will not be certified. In turn, it reduces the risk of any defective pricing for the contractor. This increase directly impacts. Read More.
GSA Develops E-Commerce Portal
Section 846 of the 2018 National Defense Authorization Act (“the Act”), “Procurement through Commercial E-Commerce Portals,” establishes an e-commerce portal program, similar to Amazon and other e-commerce platforms, for the acquisition of commercial items by the Federal government. Section 846 defines an e-commerce portal as “a commercial solution providing for the purchase of commercial products aggregated, distributed, sold, or manufactured via an online portal” and requires the General Services Administration (“GSA”) to develop the portal “through multiple contracts with multiple commercial e-commerce portal providers.” Commercial e-commerce sites usually include a provider that can fulfill orders directly and/or provide an opportunity. Read More.
Mandatory Sick Leave for Maryland Employees
Effective on February 11, 2018, all Maryland employers must comply with the Maryland Healthy Working Families Act. Employers who employ 15 or more employees in Maryland must provide paid leave; employers with 14 or fewer employees in the state are required to provide unpaid leave. Only employees whose primary work location is in Maryland are entitled to receive the benefit under this new law, regardless of whether the employer is based in Maryland or not. Here are some highlights of the law: Leave accrues at the rate of one hour for every 30 hours that an employee works. Leave may. Read More.
Department of Homeland Security Vetting Process
Long, confusing, and redundant. Three words that have never been used to describe the Federal Government, right? This is how Department of Homeland Security (“DHS”) contractors are describing the current vetting and security clearance process for contractor personnel. Currently, there is no standardized approach among DHS’ 27 agencies. This means that one contractor approved to perform work for the U.S. Coast Guard, for example, may not necessarily be approved to perform for the Transportation Security Administration. Also adding to the chaos are contractors often being unclear on what the requirements are due to poor communication from DHS. Many blame DHS’. Read More.
SeaPort Next Generation to Replace Seaport-E
In February, the Naval Sea Systems Command (“NAVSEA”) confirmed that the Seaport-E Multiple Award Contract (“MAC”) vehicle will be ending in 2019 and replaced with Seaport Next Generation (“Seaport-NxG”). NAVSEA started the Seaport contract vehicle in 2001 to maximize savings in procuring Professional Support Services (“PSS”). At the time, NAVSEA had more than 450 separate PSS contracts supporting its requirements. What started with 21 prime contractors grew into almost 3,200 prime contractors on Seaport-E. With that growth in contractors, the administrative costs to manage all of those schedules also increased. If the surge in contractors increased the competitiveness of solicitations,. Read More.
By: Brynn McNeil, Partner Revenue is critically important in the financial statements of companies. Thus, revenue recognition remains a priority for regulators and the accounting profession as a whole. Implementing the new revenue recognition standard, Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, will likely be the most significant and comprehensive change in many years for most companies. The core principle of FASB ASC 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for. Read More.
Topics: Accounting Standards Codification, Accounting Standards Update, AICPA, AICPA Audit & Accounting Guide, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", Revenue Recognition