GovTract eNews

Thought Leadership from Cherry Bekaert's Government Contracting Industry Group

Winter 2017 Edition

H ow Many Contractors Does It Take to Run the Government?

For many years, there has been a debate as to how many contractors are performing work for the government. This issue has two components:

the number of entities holding contracts; and
the number of individuals who are actually performing those contracts.

While the former is fairly easy to determine, the latter is more problematic.

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The New Revenue Recognition World

The effective date for the new revenue recognition standard is fast approaching and will be here before we know it. By now, you have probably heard speculation about the impact of the standard to your company. Speculation has been from no impact at all to the world is going to be entirely different post implementation.

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If the Government Claims a Refund, When Did the “Claims Clock” Start Running?

The Contract Disputes Act (“CDA”) requires a contract claim by either party (the government or the contractor) to be submitted within six years after accrual of the claim. This six-year “claims clock” is otherwise known as the CDA Statute of Limitations (“SOL”). The CDA does not state the test for determining when a claim accrues. However, the Federal Acquisition Regulation (“FAR”) has filled this gap at FAR 33.201, which states that a claim accrues when “all events, that fix the alleged liability...

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Required Documentation in Support of Consultant Costs

The allowability of consultant costs is sometimes a point of contention between contractors and Defense Contract Audit Agency (“DCAA”) auditors, and often the issue is insufficient documentation. What evidence is required by the Federal Acquisition Regulation (“FAR”) to document consultant costs sufficiently and how do auditors determine allowability given this requirement?

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Inside This Issue

H ow Many Contractors Does It Take to Run the Government?

The New Revenue Recognition World

If the Government Claims a Refund, When Did the “Claims Clock” Start Running?

Required Documentation
in Support of Consultant Costs

Growth Spotlight: Curt Smith, CPA, CFE

Upcoming Webinars

March 29, 2017
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April 26, 2017
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Meet the GovCon Services Team

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Cherry Bekaert

GovCon Member Spotlight

Curt Smith, CPA, CFE

Strengthening the Defense Contract Audit Agency (“DCAA”) expertise offered by our Government Contractor Services Group is the recent addition of Manager Curt Smith. Curt brings to our robust GovCon team a vast amount of experience, highlighted by his 12 years as a Senior Auditor with the DCAA. During this time, Curt served both in a resident office auditing corporate office and segment costs of a large defense contractor and in a branch office where he conducted a variety of audits of small to medium size contractors. He performed pre-award accounting system surveys, audits of indirect rates, labor and material, and audits of defined benefit and group insurance plans. He also supported procurement fraud investigations.

Curt’s DCAA background affords him the opportunity to provide advisory and consulting services to federal contractors regarding accounting system compliance, forward pricing proposals, incurred cost submissions, indirect rate structure development and overall audit support. He has extensive knowledge of and experience with applying Federal Acquisition Regulation and Cost Accounting Standards in numerous contractor environments and to many types of costs. He has a thorough understanding of contractors’ cost structures and accounting and business environments which has prepared him well to serve and advocate for clients to the government.

Curt received a Bachelor of Arts degree in Foreign Affairs at the University of Virginia, and a Master of Business Administration at Old Dominion University. He is an active member of the American Institute of Certified Public Accountants and the Association of Certified Fraud Examiners. Curt also served as a guest instructor at the DCAA Defense Contract Audit Institute, and as a facilitator of an ad hoc committee drafting performance standards for DCAA forensic accountants.

If you need guidance with any DCAA matters, contact Curt by phone at 757.456.2400, or via email.

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About Cherry Bekaert LLP

As one of the nation's largest CPA firms, Cherry Bekaert offers a highly experienced team of professionals, including former government contractor CFOs/controllers, contract managers, procurement executives, operational and compliance advisors, banking and business advisors, tax experts, and technology specialists, who know what it takes to be a successful government contractor. | cbh.com

This information in this newsletter has been provided by Cherry Bekaert LLP, and its affiliates for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.

While Cherry Bekaert has made every attempt to ensure that the information contained herein has been obtained from reliable sources, Cherry Bekaert is not responsible for any errors or omissions, or for the results obtained from the use of this information. In no event will Cherry Bekaert, or Cherry Bekaert’s partners, agents or employees be liable to you or anyone else for any decision made or action taken in reliance on the information contained herein or for any consequential, special or similar damages, even if advised of the possibility of such damages.

Cherry Bekaert LLP

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Richmond, VA 23219

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