Redstone Government Consulting Blog | Compliant Accounting Infrastructure (11)

Where does DCAA’s View of the Contractor and their Role in Acquisition Come From?

DCAA Auditor Training

DCAA website provides that new auditors receive in-depth professional training from DCAA’s Defense Contract Audit Institute (DCAI), along with on-the-job training at their assigned field audit office. DCAI is located in Atlanta, GA and provides auditors with an excellent basis on which to start their careers in contract audit. Many at Redstone GCI can speak from personal experience that, once you get past the exciting MARTA ride from the airport, the instructors at DCAI provide a good hands-on learning environment. However, we are not sure if it is a subliminal message piped into the classroom or local indoctrination at assigned field offices, but the auditors are coming away with the impression that no contractors can be trusted, and a good audit opinion has to include questioned cost.

Have you made a change in accounting practice that would require a Cost Accounting Standard (CAS) Cost Impact? Watch our latest blog to help you understand the requirements and potential issues.

DCAA’s Authority for Interim Vouchers

DCAA is given the authority under DFARS 242.803(b) to approve interim vouchers for DoD. DFARS 242.803(b) states DCAA will approve interim vouchers using sampling methodology for provisional payment after a prepayment review. This also includes reviewing completion/final vouchers and issuing a DCAA Form 1, Notice of Contracts Costs Suspended and/or Disapproved when DCAA questions the allowability of costs.

The calendar year ended December 31^st and you are closing your books and gathering information for your incurred cost submission that is due June 30^th. There is one more requirement you should consider that may have been overlooked. Does your company meet the requirement to input independent research and development (IR&D) costs into the Defense Technical Information Center (DTIC)?

DFARS Class Deviation 2020-O0021 Revision

On January 15, 2021, the Principal Director at Defense Pricing and Contracting (DPC) issued a memorandum on the CARES Act Section 3610 Reimbursement Requests, DFARS Class Deviation 2020-O0021, Revision 2. This memorandum revises and supersedes the DFARS Class Deviation 2020-O0021 Revision 1 issued on October 14, 2020. The only revision is to extend the period for which paid leave must be taken from March 27, 2020 through December 11, 2020 to March 27, 2020 through March 31, 2021. The remainder of the memorandum remains unchanged and details are included in Redstone GCI’s blog.

Understand how rate changes and revenue adjustments can wreak havoc on your system when done incorrectly in this path to Costpoint Project success. These issues can be time consuming to correct and can affect all users, even down to the employee level.

What is a Contract Brief?

A contract brief is a document which identifies information about the contract, contract administration representatives and significant contract terms and conditions.

Learn how to avoid the seven most common pitfalls in the Accounting module on your path to Costpoint success. Timing of AP check reversals and posting costs in the wrong accounting period can have serious impacts on accuracy of reporting and productivity within your organization.

Have you ever wondered how to be successful in Deltek Costpoint? Follow these ten best practices and you’ll be on your way.  From the initial submission of the employee timesheet to month end processing, there are many components along the road to being paid and closing out the accounting period.

The Financial Accounting Standards Board (FASB) issued Topic 842, Leases, in February 2016 effective for fiscal years beginning after December 15, 2018. The change was “to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.” For the past 40 years or so, operating leases were only required to be presented in the disclosure and were off-balance sheet transactions. Other than the new asset (Right to Use asset) and a related liability on the balance sheet, the impact on the income statement (a single line item for lease expense) and cash flow are unchanged, at least under GAAP. International Financial Reporting Standards (IFRS) now requires all leases be treated similar to capital leases (Topic 842 calls these finance leases). So, under IFRS there will be more unallowable interest to properly account for on Government proposals and contracts incorporating FAR Part 31.