GovCon Blog

We want to assure your success, thus we created this government contracting blog to help you navigate and stay up-to-date on the complexities of compliance in your highly regulated industry. Looking for more government contract insights? Click here to contact us. A member of our team will be in touch.

 


Carpe Diem: Now’s the Time for Government Contractors to Prepare for New Lease Accounting

Given the magnitude of the impact ASU 842 will have on most entity’s balance sheets, it is important to obtain an understanding now, particularly if you are or will be in the process of negotiating new long-term leases between now and the effective date.

Tax Reform's 199A Redefines "Consulting" for Government Contractors

In the past, government contractors may have used the term “consultant” or “consulting” to describe the wide range of services they provide. Yet this 2018 tax season, it may be time for contractors to revisit this terminology, particularly if they are structured as a flow‑through entity for tax purposes.

Tax Reform Enhances Value of Research Tax Credits for Government Contractors

The Research and Development Tax Credit (R&D) isn’t a new development, but some government contractors have yet to take full advantage of its benefits. For those who are, the credit provides a clear financial advantage in a highly competitive industry.

How Government Contractors Can Apply the Five-Step Revenue Recognition Model

Privately held government contractors racing to implement new FASB and IASB standards for identifying and reporting revenue from customer contracts by the end of this year are wrestling with one overarching question—when?

6 Cybersecurity Questions Government Contractors Should Address

With cyberattackers growing increasingly sophisticated in their methods and the number of data breaches on the rise, it’s no wonder that cybersecurity is top of mind for both the public and private sectors. In fact, the numerous attacks in recent years have been serious and costly enough to prompt action at the federal level.

Challenges Government Contractors Face Maintaining a Compliant Supply Chain

Under the close eye of regulators, contractors are working against strong compliance headwinds as they expand their supply chains across international borders. Effectively monitoring the supply chain from end to end and managing the risks associated with a complex network of suppliers and subcontractors is growing more onerous and time-consuming. To shed some light on where to focus your compliance efforts, we've examined some of the key challenges contractors encounter when securing their supply chains.

Free Webinar: Revenue Recognition - The New Standard and What it Means for Government Contractors

Across industries today there is wide-ranging disparity in how revenue recognition guidance is applied. This is often true even within specific industries. In an attempt to reduce the inconsistencies in practice and the complexity inherent in current revenue recognition guidance, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their converged standard on revenue recognition in May 2014. This new guidance is meant to provide a comprehensive, industry-neutral revenue recognition model. RyanSharkey is pleased to present an upcoming webinar, Revenue Recognition - The New Standard and What it Means for Government Contractors, intended for professionals in the areas of accounting or finance, compliance, internal audit, internal controls, program or contract management and IT professionals.

5 Steps for Contractors to Meet the FAR's Cyber Requirements

With major data breaches and system hacks dominating the headlines over the past few years, cybersecurity has become a top consideration for anyone operating a business. Although these breaches affect companies from all industries, the government remains a top target for cybercriminals across the globe.

Industry Task Force Formation for Revenue Recognition

The AICPA has formed 16 industry task forces to help develop a new Accounting Guide on Revenue Recognition that will provide illustrative examples of how to apply the new Revenue Recognition Standard. The industries involved with this project are listed in this article with links for more information.

Challenges Government Contractors Face Maintaining a Compliant Supply Chain

As government contractors expand their supply chains across international borders, supply chain risk management is gaining the attention of the industry and U.S. regulators alike. Heightening regulation across industries requires contractors to effectively monitor their supply chains from end to end and manage risk each step of the way. The stakes have never been higher: Penalties for non-compliance can be devastating to operations.

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