PBMares Accounting Blog

Neena Shukla, CPA, CFE, CGMA, FCPA

Recent Posts

Plan’s Interest in a Master Trust - Disclosure Requirements

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Apr 10, 2017 8:50:00 AM

ASU Issued:

The Financial Accounting Standards Board (FASB) issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force), on February 27, 2017.

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Topics: Employee Benefit Plans, Government Contracts

Identifying Unallowable Costs – Marketing vs. Direct Selling Expenses

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Apr 3, 2017 10:30:05 AM


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Topics: Government Contracts

Insider Threat Program Implementation

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 27, 2017 4:34:04 PM

 

Contractors that have a facility clearance through the Department of Defense’s Defense Security Service (DSS) must have a written plan in place for the implementation of an insider threat program that is designed to detect, deter and mitigate insider threats.

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Topics: Government Contracts

Goodwill Impairment – Simplified

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 21, 2017 8:28:00 AM

On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017- 04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies eliminates Step 2 of the goodwill impairment test, thereby simplifying the measurement of goodwill impairment. The revised guidance will be more similar to IFRS which also has a single-step goodwill impairment test.

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Topics: Government Contracts

Federal Acquisition Regulation on the best seller list?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 20, 2017 8:28:00 AM

The U.S. General Services Administration (GSA) has released the first ever iBook version of the Federal Acquisition Regulation (FAR). While the FAR may never be a best seller it is essential reading for all government contractors who might be concerned about the compliance requirements of the clauses contained in its contracts.

Using an iBook does not require internet connectivity. The FAR iBook has the same functionality that’s incorporated into every iBook, which means readers can perform searches, write notes, and highlight or save the sections they use most often. Best of all you do not have to be concerned about cost allowability –it is FREE.

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Topics: Government Contracts

Costs Related to Extraordinary Reviews of Unsettled Overhead Costs

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 16, 2017 8:28:00 AM

On September 28, 2016, DCAA removed Chapter Seven from the Contract Audit Manual (CAM) and released a new seventy-five chapter document entitled “Selected Areas of Cost Guidebook: FAR 31.205 Cost Principles”. It can be found on the DCAA website at http://www.dcaa.mil/SelectAreasCost.html.

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Topics: Government Contracts

Interested in Becoming a Small Business Government Contractor?  Find Out if You Qualify, Then Apply

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 6, 2017 2:06:21 PM

 

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Topics: Government Contracts

Independent Research and Development Cost Allowability

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Feb 6, 2017 10:15:45 AM

The Department of Defense has issued a final DFARS rule requiring contractors to engage in technical interchanges with the DoD before such costs are generated.  These interchanges are required to “improve the effectiveness of independent research and development (IR&D) investments by the defense industrial base” that are reimbursed as allowable costs. 

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Topics: Government Contracts

Contract Termination for Convenience – A Coming Reality?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jan 23, 2017 9:24:00 AM

Today’s political and budgetary environment will most likely lead to changes in procurement priorities and reduced government spending levels.  These realities, reflected in contract terminations for convenience, will first impact prime contractors and, to protect their own interests, create a flowdown of contract changes to the subcontractor level. 

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Topics: Government Contracts

Contract Briefs – What are they and why they are important?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jan 16, 2017 8:09:00 AM

Preparation of Contract Briefs are often a forgotten and generally disregarded tool of contract management that can prove very useful in improving cash flow through compliant billings and ensuring compliance with contract terms and conditions.

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Topics: Government Contracts