Cherry Bekaert

AUGUST 22, 2024

Contributor: John Ford In June 2024, the Cost Accounting Standards Board (CASB) published three significant actions in the Federal Register. Section 820 of Public Law 114-328 directed the Board to conform CAS to Generally Accepted Accounting Principles (GAAP) to the maximum extent practicable.

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Cherry Bekaert

JUNE 25, 2024

Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Compliance with CAS is a contractual obligation, and failure to adhere to these standards can result in financial penalties, contract adjustments and contract termination.

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SMBAccountant

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?

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Government accounting principles accountant Account 219

CPA Practice

FEBRUARY 13, 2023

Cost accounting and inventory management: This includes standard cost systems, activity-based costing, and cost-volume-profit analysis, among others. It’s essential for companies to effectively manage their inventory costs and control the manufacturing process. Here’s what it came up with.

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Cherry Bekaert

JUNE 27, 2024

Complete a dry run-through of the DCAA questionnaire that is typically provided at the onset of an accounting system audit, which outlines the different kinds of cost accounting system practices, timekeeping practices, and general audit questions.

accounting system 52

accounting system Government audit accountant 52

Cherry Bekaert

MAY 9, 2024

Maintaining accounting records on an accrual basis in accordance with generally accepted accounting principles (GAAP) will be critical to the efficiency of the audit. The firm should also review its allocation of overhead costs to ensure that it is allocating costs in a fair and accurate manner.

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