Category Archives: Government Contract Accounting

Department of Energy: Compliance Audit Information

When receiving financial assistance from the Department of Energy (DOE) there are certain regulatory rules that must be followed.  One important regulation for for-profit financial assistance recipients is 10 CFR 600.316.  This regulation states that any for-profit assistance that exceeds $500,000 or more in a year under Doe Financial Assistance awards must have a complianceContinue Reading

Clause FAR (Federal Acquisition Regulation) 52.216-7 Requirements

Government Contractors with cost-type and time & material contracts containing the allowable cost and payment clause FAR 52.216-7 are required to prepare and submit an incurred cost submission in accordance with DCAA guidelines to DCAA and DCMA annually.  The incurred cost submission is due 6 months after the close of your fiscal year. So, companiesContinue Reading