Redstone Government Consulting, Inc. is happy to announce the addition of Abby Bridges to our team. Abby joins Redstone GCI as a Consultant in our firm’s Collaborative Accounting Group. She comes to us with a Bachelor’s degree in accounting and finance, and a Master’s degree in accounting from Samford and UAB. Abby is a QuickBooks…
A Case Study by the Redstone Government Consulting Team
Does Federal Acquisition Regulations (FAR) or Cost Accounting Standards (CAS) provide specific requirements when it comes to accounting for costs related to software to be sold, leased, or marketed in the future? The simple answer is “no”, however, a review of FAR Part 31 certainly supports that the cost is allowable and allocable to both individual contracts and as a benefit to more than one contract, based on the nature of the software related effort, provided the cost is reasonable. For the purposes of this whitepaper, we are going to assume the cost is reasonable in both nature and amount based on the prudent person in the conduct of competitive business test in FAR 31.201-3, determining reasonableness.
A White paper by John C. Shire, Director
Does Federal Acquisition Regulations (FAR) or Cost Accounting Standards (CAS) provide specific requirements when it comes to accounting for costs related to software to be sold, leased, or marketed in the future? The simple answer is “no”, however, a review of FAR Part 31 certainly supports that the cost is allowable and allocable to both individual contracts and as a benefit to more than one contract, based on the nature of the software related effort, provided the cost is reasonable. For the purposes of this whitepaper, we are going to assume the cost is reasonable in both nature and amount based on the prudent person in the conduct of competitive business test in FAR 31.201-3, determining reasonableness.
Redstone Government Consulting, Inc. is happy to announce the addition of Kim Lay to our team of expert Deltek Costpoint consultants. Kim joins RGCI after spending over 17 years in the government contractor accounting industry. Kim’s history of working for government contractors makes her a valuable asset to RGCI customers. She has witnessed the evolution…
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