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Overview of Cost Accounting Standards (CAS) for Government Contractors

Cherry Bekaert

Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Moreover, some of the cost principles in FAR Part 31 incorporate specific standards. Table of Contents: What Are Cost Accounting Standards? Why Does CAS Exist?

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Email Blunders That Cost Accountants Time and Money

Lockstep

In this three-part blog series, we’ll take a look at some of the biggest email blunders that can cost accountants time and money. Part 1: Email Blunders That Cost Accountants Time and Money. One of the biggest email blunders that can cost accountants time and money is sending information to the wrong customer.

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KPMG Was Too Cheap to Pay Foreign Graduates More So They Yanked All Their Job Offers

Going Concern

The Big Four firm, one of the UK’s biggest graduate employers, told affected incoming staff this week that their offers had been rescinded, pinning the move on the government’s decision to raise the minimum salary required to sponsor a skilled worker visa in the UK, according to documents seen by the Financial Times.

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How Government Contractors Can Master the Art of Timekeeping

CPA Practice

By delving deeply into each of these requirements and providing a detailed analysis and guidance on compliance, a comprehensive framework emerges, ensuring contractors’ compliance with federal standards and enhancing the transparency and accountability of government-funded projects.

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The Impact of AI on the Accounting Profession

CPA Practice

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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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23

Going Concern

9 focusing on its financial and cost accounting controls, it said Thursday in its 10-K. The agency said in 2020 that assumptions the company used from 2013 to 2019 were potentially not compliant with Cost Accounting Standards, regulations that govern cost accounting requirements for government contracts.

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Understanding Incurred Cost Proposal Submissions: A Crucial Aspect of Government Contracting

Withum

The government reimburses contractors for these costs as long as they are compliant with federal regulations and the terms of the contract. Audit Preparedness: Government contracts are subject to audits, and ICPs serve as a critical documentation tool during these audits. These regulations lay out the requirements for ICP submissions.