PBMares Accounting Blog

Neena Shukla, CPA, CFE, CGMA, FCPA

Recent Posts

Subcontracting Primer – Team Work and Due Diligence Pays Off

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jun 21, 2017 3:25:32 PM

 

FAR 44.101 defines a subcontractor as “Any supplier, distributor, vendor, or firm that furnishes supplies or services to, or for, a prime contractor or another subcontractor.”

As a prime contractor or a subcontractor with subcontractors you have certain responsibilities that will help to ensure an efficient and productive relationship that, in the end, provides the desired results (FAR 42.202)e)(2).

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Topics: Government Contracts

Does Your Gov Con Have a Policies and Procedures Road Map?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jun 6, 2017 10:25:37 AM

To emphasize the need for compliant policies and procedures we need to refer to a quote from the great Yogi Berra, “If you don’t know where you’re going, you might not get there.”  Over the years we have seen organizations doing everything right but without compliant policies and procedures as a road map to ensure consistent compliance, they have failed government audits.  Other organizations that have compliant policies and procedures but have not shared them with the people who need them (i.e. they have them but they are gathering dust on the shelf and are probably obsolete), have also failed, because people did not know what the organization’s goals were or how to respond to compliance situations.

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Topics: Government Contracts

Labor Floor Checks and Labor Interviews – Labor Recording Up Close and Personal

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on May 4, 2017 9:34:55 AM

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Topics: Government Contracts

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