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
It’s Almost That Time Again…. How to Get a Head Start on your Annual Incurred Cost Submission
By: Eric Poppe, Senior Manager and Javier Diaz, Manager It’s that time of year. Year-end financial statement audits are going on, you are working with your accountant on your tax returns hoping to complete on time, and just around the corner, you are required to submit your Incurred Cost Submission (“ICS”). Is there time to breathe? As we know, for companies with a fiscal year ending December 31, 2017, the 2017 ICS will be due by June 30, 2018, six months after the close of that fiscal year. The determining factor which requires companies to submit an ICS is the Federal Acquisition Regulation (“FAR”). Read More.
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.