GovCon 101: What Contractors Should Know About Accounting For Government Contracts

Jul 19, 2022
1 min read

Generally Accepted Accounting Principles

Government contractors are required to follow generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB). This means contractors are not permitted to apply cash basis accounting which is often used for tax preparation by small businesses not required to obtain financial statement audits. Rather, contractors must apply fully GAAP compliant, accrual-based, accounting principles when accounting for government contracts.

Click HERE to read the rest of the article.

Recent Posts

See All

Native American and Alaska Native Federal Contracting Preferences: What the Law Provides and What’s Changing

SOURCE: HSTODAY Federal procurement law gives Native American tribes, Alaska Native Corporations (ANCs), and certain other Native organizations significant contracting preferences. These policies are

SBIR/STTR Programs Revived with Some Notable Changes

SOURCE: MOFO The Senate has finally reached an agreement to reauthorize the Small Business Innovation Research (“SBIR”) and Small Business Technology Transfer (“STTR”) programs after a five‑month laps

GSA extends comments on sweeping AI clause after industry pushback

SOURCE: FEDSCOOP The General Services Administration pushed back the timeline for draft contract language that would define the government’s relationship with AI service providers in a major federal a

Comments