Redstone Government Consulting Blog | Compliant Accounting Infrastructure (4)

Cost Accounting Standard (CAS) 409 provides the criteria for assigning costs (i.e., depreciation) of tangible capital assets to cost accounting periods and allocating those costs to contracts in an objective and consistent manner.

Topics: Compliant Accounting Infrastructure, Proposal Cost Volume Development & Pricing, DFARS Business Systems, Government Regulations, Cost Accounting Standards (CAS), Federal Acquisition Regulation (FAR)

In the June 18, 2024 Federal Register, the Cost Accounting Standards Board (CASB) put out a notification that it was looking for input on how Cost Accounting Standards (CAS) applicability should be handled when it comes to Indefinite Delivery Vehicles (IDVs) (i.e., Indefinite Delivery Indefinite Quantity (IDIQ) contracts). This goes back to an old CASB case from three years ago – CASB Case 2021-01, Application of Cost Accounting Standards (CAS) to Indefinite Delivery Vehicles (IDVs).

Topics: Compliant Accounting Infrastructure, Contracts & Subcontracts Administration, Government Regulations, Cost Accounting Standards (CAS)

The rush to close any accounting system for the previous year is everyone’s top priority at the beginning of the new year. Why? We have forms to file. We have performance numbers to report. The annual Incurred Cost Submission is a top priority for government contractors with cost-type contracts. The Incurred Cost Electronically (ICE), or Incurred Cost Submission (ICS), is a highly formatted spreadsheet model with many worksheets (17 required and 6 optional) that provides a standard electronic package to assist in preparing adequate incurred cost submissions. The ICE spreadsheet model also helps with audit support and is the final version of reported costs incurred and billed within a year.

Topics: Compliant Accounting Infrastructure, Incurred Cost Proposal Submission (ICP/ICE), DCAA Audit Support, Unanet

The Costpoint group at Redstone Governtment Consulting concluded a great event with Deltek in April during which DCAA representatives gave a keynote session on Accounting System Requirements (or SF1408). Just reading the SF1408 can be confusing or make the requirements seem complicated. However, if you understand the basics and know how Deltek Costpoint can achieve the requirements it can be easier to ensure you are ready for a DCAA review.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Deltek Costpoint

Besides the potential tax benefits of an Employee Stock Ownership Plan (ESOP), the National Defense Authorization Act (NDAA) for Fiscal Years 2022 and 2024 has introduced an additional benefit for employee-owned businesses contracting with the Department of Defense (DoD). A pilot program that will allow for the award of follow-on contracts without competition.

Topics: Compliant Accounting Infrastructure, Employee & Contractor Compensation, Contracts & Subcontracts Administration, Government Regulations, Federal Acquisition Regulation (FAR)

For cost accounting under Federal government contracts, including your contracts that are not CAS covered, deferred compensation must be measured based on the requirements of CAS 415. FAR 31.205-6(k) requires that the cost of all deferred compensation, other than pension costs, be measured, assigned, and allocated in accordance with CAS 415, Accounting for the Cost of Deferred Compensation.

Topics: Compliant Accounting Infrastructure, Employee & Contractor Compensation, Human Resources, Government Regulations, Cost Accounting Standards (CAS)

Training and employee development, in our opinion, must be looked at as a necessary investment in the future of a business as well as the business’ key resource - its employees. That said, those businesses in the government contracting industry are also facing an ever-expanding list of required or at least expected training that is necessary to maintain compliance with their growing list of contract clauses.

Contract Requirements and Expectations for Training

Topics: Compliant Accounting Infrastructure, Small Business Compliance, Contracts & Subcontracts Administration, Government Compliance Training, DCAA Audit Support, Human Resources, Federal Acquisition Regulation (FAR), Organizational Change Management Consulting

With the latest point release, Unanet is improving the functionality of the roles assigned to users of the system. Hence, segregation of duties and access to information is easier for an organization to control.

Topics: Compliant Accounting Infrastructure, Unanet

If you want to provide cloud-based services to Federal Agencies, you will need to get your service approved through the Federal Risk and Authorization Management Program (FedRAMP) managed by the FedRAMP Program Management Office.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Government Regulations, Cost Accounting Standards (CAS), Federal Acquisition Regulation (FAR)

The Costpoint team at Redstone GCI recently concluded a great event with Deltek, during which DCAA representatives gave a great keynote session on Accounting System Requirements (or SF1408), which was followed by another informative session by our group on how Costpoint meets those requirements. With this article, I wanted to review some of the key points from both presentations for those who missed the event. Now, I will warn you that this is written for those new to the idea of an approved accounting system and its associated requirements. It is not written for the hard-core government accounting system veteran. I will not cover every aspect or criteria related to the standard accounting system audit; instead, I will try to find a somewhat entertaining way to talk about accounting systems and the SF1408 requirements, in particular.

Topics: Compliant Accounting Infrastructure, DCAA Audit Support, Deltek Costpoint