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The three types of contract are Fixed Price, Cost Reimbursable, and Time and Materials. The basic characteristics of the contracts are as follows:.
A significant portion of accounting for government contracts is the classification of costs, commercial and government, as either direct or indirect.
Costs that are identified specifically with a contract are direct costs of the contract and need to be charged directly to the contract.
Contractors need to spend some time and effort identifying exactly which costs are direct, because what remains is, by default, indirect. Certain costs are unallowable and must be separated in an accounting system.
These costs include such things as alcohol, entertainment, interest expense, bad debts, advertising, lobbying costs, patent expenses, and more.
Obviously, it is important to check to see if any of your costs fall under this category. The government has no desire to pay for other commercial contract costs in addition to their own costs.
To that end, no final cost objective can have a direct cost allocated to it if other costs were incurred for the same purpose in like circumstances.
No direct costs can be included in any indirect cost pool or be allocated to that or any other final cost objective.
For example, if a commercial contract has overrun costs, they cannot be charged to the indirect pool because the government would then pay for a portion of what should have been a direct cost of the commercial contract.
If you have a government contract, then your entire system across your company must use the same processes. If, for instance, you have a single government contract then your entire business must use an approved timekeeping system that every employee uses consistently, even if the majority of employees do not work on the contract.
This regulation is in place because every business has overhead expenses, and because the government will pick up its share of the overhead, the entire organization must be compliant.
The pools are then allocated to final cost objectives using an indirect cost allocation base that best links the cost pool to the cost objectives.
To allocate means to distribute overhead pool costs to contracts. In order to distribute indirect costs, the contractor must select an allocation base.
There must be a relationship between the selected allocation base and the pool of costs to be allocated to contracts. For example, an engineering overhead pool would logically be allocated over total engineering direct labor dollars or engineering direct labor hours.
Numerous other companies have used QuickBooks to pass DCAA audits and continue to use it even as they have grown. You must set up your system for Project Accounting, which QuickBooks provides for.
All final cost objectives, or contracts, must be tracked on a per-project basis. Any direct cost transactions will require entering a general ledger account separating direct costs from indirect plus a customer job.
QuickBooks will be able to track customer jobs, tasks, sub-tasks, etc. You will need to revamp your Chart of Accounts.
There will be two major expense components: Direct and Indirect. Direct Costs are generally further broken down for Direct Labor, Direct Subcontracts, Direct Travel, Direct Materials, and Other Direct Costs.
Indirect Costs are broken into logical categories that will support your indirect rate calculations. It is imperative that you have a separate series of accounts for all Unallowable Costs.
Each type of unallowable cost should have its own general ledger account. Under each pool, there are separate accounts that further logically group expenses into categories like Facility Costs, Equipment Costs, etc.
Within each of those categories, specific accounts should be set up for things like Rent, Utilities, Property Taxes, etc. Here is where specific DCAA approval is extremely important.
Following are the requirements for a DCAA-compliant timekeeping system. Keep in mind, the employee must input his or her own time.
Managers cannot fill out or change an employee timesheet. Employees must:. It is important, particularly when evaluating third-party timekeeping solutions, to make sure that all of these systems are in place, and preferably automated.
Usually it is best to give the vendor a call and have them talk you through each of these steps personally.
The best vendors will be happy to give you a live demo and answer any questions you may have. One of the initial audits that the DCAA performs is the Accounting Systems Review.
An accounting manual that documents the policies and procedures of the contractor is also required. The DCAA may audit your Purchasing System. QuickBooks has a good purchasing module that can handle any purchases, not just inventory.
Each approved vendor or subcontract purchase should be entered as a Purchase Order against specific contracts. The accounting department would then process vendor invoices against approved purchase orders.
You must track all government property separately. Government property is defined as any piece of equipment that is charged as a direct cost on a government contract.
The QuickBooks fixed asset module is recommended to separately track all assets purchased under a government contract, as all as indirect assets to automate the depreciation calculations for book and tax purposes.
You should take your existing QuickBooks file and simply add a new profit and loss account structure. You can then inactivate your old structure while retaining historical data.
As soon as you have won the government contract, you will need to start accumulating costs under the new structure. It is much easier to have the system reconfigured and in use before you win the contract.
To support project accounting, the master file will now be a list of billable contracts. We recommend that you use the customer for the billing level of the contract.
For example, you may have 10 contracts with the Air Force, and each contract will be a customer record. However, many companies track indirect costs by projects especially labor costs to allow greater visibility and management of indirect activities.
This lack of a consistent basis for determining how items should be presented has led to an inconsistent use of OCI in IFRS standards.
It may be difficult to deal with OCI on a conceptual level since the International Accounting Standards Board the Board are finding it difficult to find a sound conceptual basis.
However, there is urgent need for some guidance around this issue. Many users are thought to ignore OCI as the changes reported are not caused by the operating flows used for predictive purposes.
Examples would be the statement of cash flows and disclosures relating to operating segments. There are several arguments for and against reclassification.
If reclassification ceased, then there would be no need to define profit or loss, or any other total or subtotal in profit or loss, and any presentation decisions can be left to specific IFRS standards.
It is argued that reclassification protects the integrity of profit or loss and provides users with relevant information about a transaction that occurred in the period.
Additionally, it can improve comparability where IFRS standards permit similar items to be recognised in either profit or loss or OCI.
Those against reclassification argue that the recycled amounts add to the complexity of financial reporting, may lead to earnings management and the reclassification adjustments may not meet the definitions of income or expense in the period as the change in the asset or liability may have occurred in a previous period.
The original logic for OCI was that it kept income-relevant items that possessed low reliability from contaminating the earnings number.
Markets rely on profit or loss and it is widely used. Thus, profit or loss needs to contain all information relevant to investors.
Misuse of OCI would undermine the credibility of net income. The use of OCI as a temporary holding for cash flow hedging instruments and foreign currency translation is non-controversial.
However, other treatments such the policy of IFRS 9 to allow value changes in equity investments to go through OCI, are not accepted universally.
US GAAP will require value changes in all equity investments to go through profit or loss. Accounting for actuarial gains and losses on defined benefit schemes are presented through OCI and certain large US corporations have been hit hard with the losses incurred on these schemes.
The presentation of these items in OCI would have made no difference to the ultimate settled liability but if they had been presented in profit or loss, the problem may have been dealt with earlier.
An assumption that an unrealised loss has little effect on the business is an incorrect one. The Discussion Paper on the Conceptual Framework for Financial Reporting considers three approaches to profit or loss and reclassification.
The first approach prohibits reclassification. The other approaches, the narrow and broad approaches, require or permit reclassification.
The narrow approach allows recognition in OCI for bridging items or mismatched remeasurements. The narrow approach significantly restricts the types of items that would be eligible to be presented in OCI and gives the Board little discretion when developing or amending IFRS standards.
A bridging item arises where the Board determines that the statement of comprehensive income would communicate more relevant information about financial performance if profit or loss reflected a different measurement basis from that reflected in the statement of financial position For example, if a debt instrument is measured at fair value in the statement of financial position, but is recognised in profit or loss using amortised cost, then amounts previously reported in OCI should be reclassified into profit or loss on impairment or disposal of the debt instrument.
The Board argues that this is consistent with the amounts that would be recognised in profit or loss if the debt instrument were to be measured at amortised cost.