Industry News & Updates

Stay current on the latest in the industry

Industry News & Updates

Stay current on the latest in the industry

FASB Update will Require Income Statement Disaggregation and Additional Disclosures

Dec 9, 2024 | Complex Accounting and Risk Management

On November 4th, 2024, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU), No. 2024-03 titled Disaggregation of Income Statement Expenses, which improves financial reporting by requiring public companies to disclose additional information about certain costs and expenses in the notes to financial statements. This ASU aims to improve financial reporting by requiring that public business companies disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.

ASBCA Claim Decision

Oct 24, 2024 | Disputes and Investigations

On May 4, 2024, the Armed Services Board of Contract Appeals (“ASBCA”) awarded nearly $4.9 million in damages plus Contract Disputes Act interest to Konecranes Nuclear Equipment Services, LLC (“Konecranes”) due to a breach of contract by the Navy. The breach of contract stems from the Navy’s unjust refusal of a delivery of cranes that met contractual requirements.

DCAA Report to Congress

Sep 26, 2024 | Government Contract Regulatory Compliance

In March 2024, the Defense Contract Audit Agency (DCAA) released its Report to Congress. The report covers the Agency’s audit activities in FY 2023 and plans for FY 2024. The areas addressed in the report include Forward Pricing, Incurred Cost, Claims and Terminations, Business Systems, Cost Accounting Standards (CAS) & Truth in Negotiations.

Idle Facility/Capacity Update – Increased Government Focus

Jul 31, 2024 | Government Contract Regulatory Compliance

Over the last few years many government contractors have been evaluating and adjusting their office footprint as a result of increased remote work. During this time many have been wondering when the Defense Contract Audit Agency (“DCAA”) would shift their focus to idle facilities and how they would evaluate the allowability of facilities costs under applicable regulations. During and after COVID, DCAA was generally not focused on this area; however, now they are taking a closer look at facility costs as contractors are beginning to receive questions and document requests.