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Accrual Accounting Vs. Cash

Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow: cash or accrual accounting? Accounting methods are...

New Revenue Recognition Standards

New Revenue Recognition Standards Are Now REAL For nonpublic companies, the new revenue recognition standards that the Financial Accounting Standards Board (FASB) implemented are now a reality.  FASB 606, Revenue from Contracts with Customers, is effective for fiscal...

Preaward Survey Failures– Part 2

Top 5 failures in a Preaward Survey Part 2 of 2-part series In part 1 of this series, we identified the top 5 epic fails of the preaward survey as involving the labor distribution, policies and procedures, generally accepted accounting principles (GAAP), segregation...

Preaward Survey Failures– Part 1

Top 5 failures in a Preaward Survey Part 1 of 2-part series The preaward accounting system survey or audit (better known as preaward survey) is an evaluation on the prospective contractor’s accounting system.  It is documented on SF 1408.  This evaluation ascertains...