For the first time in 20 years of trying, federal agencies met their mandatory goal of steering small business contracts to women-owned firms, the Small Business Administration announced on Wednesday. “What we were able to achieve was because of that big lift across the country,” Administrator Maria Contreras-Sweet [..Read More..]
NIST 800-171 Compliance: The 15 Key Requirements
“Defense contractors routinely process, store and transmit sensitive federal information to assist federal agencies in carrying out their core missions and business operations. Federal information is also shared with state and local governments, universities and independent research organizations. To keep this information secure, Executive Order [..Read More..]
Department of Defense Continues to Tinker with the Allowability of IR&D
Beginning in 2011, the Department of Defense (“DoD”) began making changes to the supplemental cost principle on Independent Research and Development (IR&D) found at the Defense Federal Acquisition Supplement (DFARS) 231.205-18. These changes have not affected the definition of IR&D found at Federal Acquisition Regulation [..Read More..]
FISMA Compliance for Government Contractors
Whether you’re an experienced government contractor or just starting out, FISMA compliance can be a daunting task. The Federal Information Security Management Act (FISMA) is United States legislation that defines a comprehensive framework to protect government information, operations and assets against natural or man-made threats. For [..Read More..]
Cost Estimating System Requirements
DFARS Compliance: Essential Cost Estimating System Requirements In the realm of government contracting, complying with DFARS 252.215-7002 is pivotal for an acceptable cost estimating system. This clause outlines crucial criteria, ensuring your cost estimating system is maintained, reliable, and consistently applied. Here’s a breakdown of [..Read More..]
Will New Revenue Standards on Customer Contracts Impact You?
U.S. Generally Accepted Accounting Principles (GAAP), as codified in the Accounting Standards Codification, does not provide one, all-inclusive general standard on revenue recognition that applies across the board to all transactions and entities. Companies follow various subtopics in the Codification or industry specific standards to [..Read More..]
How to Prepare for a Contractor Purchasing System Review (CPSR)
According to DFARS, there are 6 contractor systems subject to determination of adequacy. Three of which, the DCAA is responsible for auditing: Accounting, Cost Estimating, and Materials Management & Accounting System (MMAS). And the other three, the DCMA performs the reviews: Earned Value Management System [..Read More..]
The Future is Bright in the Cloud: 7 Things You Should Expect From Your ERP Software.
You cannot escape the responsibility of tomorrow by evading it today.” – Abraham Lincoln Expectations have become higher for the CFO and CIO positions within organizations, in particular when selecting ERP software that will become the foundation of the business. When the competition is armed [..Read More..]
Small Business Size Standards: Inflation Adjustment to Monetary Based Size Standards
On January 25, 2016, the Small Business Administration (“SBA”) finalized an interim rule which adjusts the monetary amounts used by small businesses to determine a company’s small business status. The interim final rule, which was originally issued on June 12, 2014, became effective on July [..Read More..]
The Importance of Internal Controls for Government Contractors
Effective internal controls are essential to the success of any organization. This is especially true for government contractors who operate in one of the most regulated industries in the world. No organization of any size can ensure compliance with their own policies much less comply [..Read More..]