Gov Cons On The Same Page (07/29/19)
July 29, 2019 - Federal contractors have many challenges from cracking the code on sales to abiding by The FAR and ensuring compliance in a wide range of reporting areas. This ranges from cyber security to accounting standards. The ASC 606 (Accounting Standards Board) adopted a 5 step process to govern contract revenue reporting. This will impact federal contractors as they must understand the rules including sales and tax implications as everyone will eventually be singing from the same sheet of music. Are you "on tune"?