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Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

If significant system deficiencies are identified and not corrected, the DoD can impose substantial consequences, such as withholding a percentage of payment or deeming a contractor ineligible to submit bids. Table of Contents: What Are the Requirements for an Adequate Accounting System?

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Accounts for Federal Contracting Compliance: Key Requirements and Recommendations

CPA Practice

By Jim Wesloh Navigating the challenging landscape of cost accounting within the framework of federal contracting requires an understanding of both the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP).

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). It is like a complex machine, with many parts that must work together to create an effective system. What are Generally Accepted Accounting Principles (GAAP)?

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What Is ASC 606, and How Will It Impact My Company?

inDinero Tax Tips

It is mandatory for organizations that use Generally Accepted Accounting Principles (GAAP). If your company uses GAAP accounting, ASC 606 could drastically alter your accounting practices and financial situation. A company based on a cash accounting system will earn revenue when it receives cash, not before or after.

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M&A Post-Closing Disputes: Part 2 – Issues Big and Small

Withum

The measurement of value can vary widely depending on the application of specific measurement principles. The most common measurement standards include Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) and GAAP as historically applied by the seller.

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Overview of Cost Accounting Standards (CAS) for Government Contractors

Cherry Bekaert

Learn more: Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors What Are the Differences Between CAS, GAAP and FAR? CAS covers a wide range of topics, including cost accounting, cost allocation, cost estimating and cost reporting. Why Does CAS Exist?

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What’s the Difference Between a Controller and a CFO?

Shay CPA

They’re in the weeds with your accounting systems, overseeing everything from balancing your books to maintaining tax compliance. A controller will almost always be a certified public accountant (CPA). That certification ensures that they’re up to date on best practices like Generally Accepted Accounting Principles (GAAP).