Accounting Systems: Complying with FAR …
Accounting Systems: Complying with FAR Requirements
John S. Sroka, CPA Acquisition Cost/Price Analyst
Background Information
FAR Requirements
FAR Part 9: Contractor Qualifications FAR Part 16: Cost-reimbursement Contracts DFARS Part 232: Financial Responsibility
2
FAR Requirements
Requires organizations have:
Financial resources to perform Integrity and business ethics Technical ability to perform Accounting system to accumulate the costs on the contract
3
Preaward Surveys
Accounting System Review of various accounting data to determine if system is adequate for accumulating and reporting costs on a contract (SF 1408)
Financial Capability Review of key financial data, balance sheet, income statement, and cash flows to ensure that the contractor has the financial resources to complete the contract (SF 1407) (FAR 16.301-1)
4
Accounting System
Review to determine the acceptability of the system for accumulating costs under a Government contract Review the design and operation of the system to reach an informed opinion on whether the system is acceptable for Government contracts
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