Fair Pay and Safe Workplaces Nullified
On March 6, the Senate passed Joint Resolution 37, repealing President Obama’s Fair Pay and Safe Workplaces (“FPSW”) executive order, Executive Order 13653. Subsequently on March 27, President Trump issued an executive order revoking Executive Order 13673, section 3 of Executive Order 13683 of December 11, 2014, and Executive Order 13738 of August 23, 2016. The FPSW executive order was issued on July 31, 2014. Originally planned to take effect on October 25, 2016, the executive order required contractors and subcontractors to report certain labor law violations, to provide certain information to employees with their paychecks, and prohibited involuntary arbitration. Read More.
Sara Crabtree and Eric Poppe to Speak at Unanet Champions Conference
On May 18 at 3 p.m. ET, Cherry Bekaert’s Sara Crabtree and Eric Poppe will be presenting a session under the Thought Leadership track at the Unanet Champions Conference in San Diego, CA, Unallowable Costs: High Risk or High Reward? Are You Sure You Know What an Allowable Versus Unallowable Cost Is? Come learn from their experiences on how to justify what you thought might have been unallowable as being allowable. They will discuss FAR Part 31, differences in accounting between possible direct and indirect unallowable costs, and how to justify what you would think would be unallowable to really pass muster as allowable. Cherry. Read More.
Topics: unallowable costs
FASB Webcast to Focus on Aerospace and Defense Revenue Recognition
On Thursday, the Financial Accounting Standards Board (“FASB”) will host the first in a webcast series discussing how its revenue recognition standard will impact different sectors. The first webcast will focus on the aerospace and defense sector, and feature speakers from the FASB, GE and Raytheon. Panelists will cover the standard’s more significant changes, as well as give attendees the opportunity to ask questions and help shape the new revenue recognition guidance. The hour-long webcast starts at 2 p.m. ET. To attend, register at FASB.org.
Roaring Twenties Nomination Period is Now Open
Do you know a South Carolina-based company that is a catalyst for growth? Nominate them for this year’s South Carolina Roaring Twenties awards, hosted by SC Biz News (“SCBIZ”) and Cherry Bekaert LLP! The annual awards celebrate the success of thriving middle-market companies in South Carolina. Twenty large companies and 20 small companies will be selected and honored at an event on Thursday, October 19, as well as featured in the winter issue of SCBIZ magazine. To nominate a fast-growing company in South Carolina , visit the SC Biz News website. Nominations must be submitted by Friday, April 21. For questions about the Roaring Twenties awards, please. Read More.
Auditor Strikes Back: The Proof is in the Pudding – Defending Professional & Consultant Services Cost
As we reported in October, the Defense Contract Audit Agency (“DCAA”) Contract Audit Manual (“CAM”) was recently updated. One of the 13 areas of cost updated related to the allowability of professional & consultant costs. This topic is covered in Chapter 7 of both the previous version and new version of the CAM. The new guidance provides more insight into the evidence required to defend the costs incurred by the contractor. The evidence required by DCAA is to help prove the true nature of the professional services costs and clear up any “gray area” or concerns. Specifically, the guidance states contractors need. Read More.
The New Revenue Recognition World
By: Michael Brown, Senior Manager The effective date for the new revenue recognition standard is fast approaching and will be here before we know it. By now, you have probably heard speculation about the impact of the standard to your company. Speculation has been from no impact at all to the world is going to be entirely different post implementation. As always, the reality is somewhere in the middle. Generally speaking, for the government contracting industry, the end result of when and how much revenue is recognized will be similar as in the past or at least should not significantly. Read More.