The document provides an overview of preparing for a Contractor Purchasing System Review (CPSR). It discusses the background and criteria for CPSRs, including the 24 criteria in the Defense Federal Acquisition Regulation Supplement that purchasing systems must meet. It also outlines the general policies and procedures that reviewers will examine, such as competition requirements, price analysis techniques, and contract formation guidelines. The document gives advice on how to approach a CPSR, including starting with the criteria and ensuring the review is properly scheduled.
The document provides an overview of key aspects of submitting an adequate incurred cost proposal (ICP). It discusses who needs to submit an ICP, what attributes make an ICP adequate, and consequences of inaccurate or late submissions. The presentation covers required schedules and information for an ICP, such as direct and indirect costs by contract, subcontractor information, and cumulative costs claimed and billed. It emphasizes starting preparation early, using the ICE model and DCAA checklist, and thoroughly reviewing all schedules.
Health care reform continues with implementation of the Affordable Care Act. Starting in 2014, employers face new requirements and penalties related to health insurance coverage for employees. Exchanges will offer individuals and small businesses the ability to purchase qualified health plans, and individuals will be subject to penalties if they do not obtain compliant coverage. Reporting of health plan costs and coverage will also be required of employers.
Over the last 4 years, the NFP sector has changed how it manages and reports finances due to factors like the recession, increased governance, and competition. NFPs now face greater transparency, influence from watchdog groups, and new accounting standards. The financial reporting of NFPs is evolving rapidly and will see more significant changes in the next 3 years than the previous 15-20 years. Leading NFPs will be those able to identify and react to trends in real-time.
This document discusses G&A (general and administrative) bases and the rules around them. It defines what is included in the G&A pool according to CAS 410, such as executive management costs and finance functions. It also discusses the different acceptable G&A bases of total cost input, value added cost input, and single element cost input. The document provides guidance on where to find the rules, such as in the FAR, CAS, DCAM, and DCAA publications. It notes that smaller companies tend to use the total cost input base while larger companies that subcontract more work often use the value added base.
12 helpful ways to better prepare yourself for 2013 brought to you by Watkins Meegan professionals themselves! If you have any questions or would like further guidance, please email Samantha.Locke@watkinsmeegan.com and she will connect you to the right person!
The document summarizes a presentation given on November 8, 2012 about tax changes set to take effect at the end of the year as a result of the recent election. It discusses upcoming changes to income tax rates, capital gains taxes, estate and gift taxes, and opportunities for tax planning in light of these changes, such as capturing capital gains at the lower 15% tax rate before it expires or using the higher lifetime gift/estate tax exemption amount. The presentation was given by experts from Alliantgroup, US Trust, and Watkins Meegan to advise on wealth protection and transferring strategies in light of the upcoming tax law changes.
Learn The Difference Between Winning a Contract or Walking Away Empty-Handed!
There are two types of government contractors: those that have been a party to a bid protest and those that will soon find themselves involved in a protest.
As federal budgets continue to shrink, the competition between contractors' increases and the number of bid protests will rise.
The document provides an overview of preparing for a Contractor Purchasing System Review (CPSR). It discusses the background and criteria for CPSRs, including the 24 criteria in the Defense Federal Acquisition Regulation Supplement that purchasing systems must meet. It also outlines the general policies and procedures that reviewers will examine, such as competition requirements, price analysis techniques, and contract formation guidelines. The document gives advice on how to approach a CPSR, including starting with the criteria and ensuring the review is properly scheduled.
The document provides an overview of key aspects of submitting an adequate incurred cost proposal (ICP). It discusses who needs to submit an ICP, what attributes make an ICP adequate, and consequences of inaccurate or late submissions. The presentation covers required schedules and information for an ICP, such as direct and indirect costs by contract, subcontractor information, and cumulative costs claimed and billed. It emphasizes starting preparation early, using the ICE model and DCAA checklist, and thoroughly reviewing all schedules.
Health care reform continues with implementation of the Affordable Care Act. Starting in 2014, employers face new requirements and penalties related to health insurance coverage for employees. Exchanges will offer individuals and small businesses the ability to purchase qualified health plans, and individuals will be subject to penalties if they do not obtain compliant coverage. Reporting of health plan costs and coverage will also be required of employers.
Over the last 4 years, the NFP sector has changed how it manages and reports finances due to factors like the recession, increased governance, and competition. NFPs now face greater transparency, influence from watchdog groups, and new accounting standards. The financial reporting of NFPs is evolving rapidly and will see more significant changes in the next 3 years than the previous 15-20 years. Leading NFPs will be those able to identify and react to trends in real-time.
This document discusses G&A (general and administrative) bases and the rules around them. It defines what is included in the G&A pool according to CAS 410, such as executive management costs and finance functions. It also discusses the different acceptable G&A bases of total cost input, value added cost input, and single element cost input. The document provides guidance on where to find the rules, such as in the FAR, CAS, DCAM, and DCAA publications. It notes that smaller companies tend to use the total cost input base while larger companies that subcontract more work often use the value added base.
12 helpful ways to better prepare yourself for 2013 brought to you by Watkins Meegan professionals themselves! If you have any questions or would like further guidance, please email Samantha.Locke@watkinsmeegan.com and she will connect you to the right person!
The document summarizes a presentation given on November 8, 2012 about tax changes set to take effect at the end of the year as a result of the recent election. It discusses upcoming changes to income tax rates, capital gains taxes, estate and gift taxes, and opportunities for tax planning in light of these changes, such as capturing capital gains at the lower 15% tax rate before it expires or using the higher lifetime gift/estate tax exemption amount. The presentation was given by experts from Alliantgroup, US Trust, and Watkins Meegan to advise on wealth protection and transferring strategies in light of the upcoming tax law changes.
Learn The Difference Between Winning a Contract or Walking Away Empty-Handed!
There are two types of government contractors: those that have been a party to a bid protest and those that will soon find themselves involved in a protest.
As federal budgets continue to shrink, the competition between contractors' increases and the number of bid protests will rise.
Boardroom dynamics continue to evolve and change in response to increased regulatory requirements, complex business environments, globalization, economic challenges, and shareholder activism. Whether your company is privately held, publicly traded, or a non-profit organization, our program will help you assess and strengthen your current leadership teams in today’s challenging business landscape.
Government contractors use different teaming arrangements to best position themselves for a future award. Frequently a key element should be a clear appreciation of the relationship between the teaming arrangement and the desired business outcome. The best approach is to put “a planning team” in place (lawyers and CPAs) before putting “your business team” in place for a proposal. Join us as we help you understand:
•JV’s versus teaming agreement – which is preferable—and when?
•Small business set aside concerns
•Pitfalls – poorly written or nonspecific agreements
•To consolidate or not to consolidate – a look at the financial statement impact
With good planning, you can position yourself to respond to RFP’s effectively, create a positive business relationship, and know what to expect at year-end.
The document summarizes a panel discussion on the Woman-Owned Small Business Set-Aside Program. The panelists included representatives from the U.S. Small Business Administration and organizations that assist woman-owned small businesses. They discussed the background and eligibility requirements of the program, ways contracting officers have used set-asides under the program, and key findings on industries and agencies that have seen the most success with set-asides for woman-owned businesses. The panel debated whether program requirements and usage were restrictive or broad enough, and how to further encourage the use of set-asides to benefit eligible woman-owned small businesses.
This document summarizes the key differences between International Financial Reporting Standards (IFRS) and U.S. GAAP. It provides an overview of IFRS including its endorsement worldwide, convergence efforts between IFRS and U.S. GAAP, and differences in financial statement presentation and accounting treatments between the two standards. Additionally, it introduces IFRS for Small and Medium-sized Entities (SMEs) as a simplified version of IFRS for private companies and resources for additional IFRS information.
This document discusses strategies for winning new business in a difficult market, focusing on federal contracting. It addresses establishing a marketing culture, developing value propositions, managing competition through processes and tools, developing win strategies, and determining price to win bids. The key strategies discussed are focusing on client value, understanding customer needs, developing structured marketing plans, specializing in industries rather than just expertise, and balancing capability and price in proposals.
This document summarizes regulations and guidance around travel costs for government contractors. It discusses the FAR and JTR regulations regarding reasonable and allowable travel costs, including per diem rates, partial travel days, and airfare limitations. It also outlines potential DCAA audit procedures focusing on travel policies, cost documentation, and compliance with FAR cost principles. Record retention requirements and treatment of unallowable travel costs are addressed as well.
The document discusses CFO M&A strategies and experiences, including:
- How ICF sourced deal opportunities through investment bankers and expanding contacts.
- ICF's reliance on internal due diligence of contracts/backlog and external experts for accounting/legal/HR reviews.
- ICF's M&A process of due diligence, negotiating deals to closing, and post-closing integration.
- Key aspects of ICF's integration process including identifying teams, addressing culture/communication, and focusing on value drivers.
Boardroom dynamics continue to evolve and change in response to increased regulatory requirements, complex business environments, globalization, economic challenges, and shareholder activism. Whether your company is privately held, publicly traded, or a non-profit organization, our program will help you assess and strengthen your current leadership teams in today’s challenging business landscape.
Government contractors use different teaming arrangements to best position themselves for a future award. Frequently a key element should be a clear appreciation of the relationship between the teaming arrangement and the desired business outcome. The best approach is to put “a planning team” in place (lawyers and CPAs) before putting “your business team” in place for a proposal. Join us as we help you understand:
•JV’s versus teaming agreement – which is preferable—and when?
•Small business set aside concerns
•Pitfalls – poorly written or nonspecific agreements
•To consolidate or not to consolidate – a look at the financial statement impact
With good planning, you can position yourself to respond to RFP’s effectively, create a positive business relationship, and know what to expect at year-end.
The document summarizes a panel discussion on the Woman-Owned Small Business Set-Aside Program. The panelists included representatives from the U.S. Small Business Administration and organizations that assist woman-owned small businesses. They discussed the background and eligibility requirements of the program, ways contracting officers have used set-asides under the program, and key findings on industries and agencies that have seen the most success with set-asides for woman-owned businesses. The panel debated whether program requirements and usage were restrictive or broad enough, and how to further encourage the use of set-asides to benefit eligible woman-owned small businesses.
This document summarizes the key differences between International Financial Reporting Standards (IFRS) and U.S. GAAP. It provides an overview of IFRS including its endorsement worldwide, convergence efforts between IFRS and U.S. GAAP, and differences in financial statement presentation and accounting treatments between the two standards. Additionally, it introduces IFRS for Small and Medium-sized Entities (SMEs) as a simplified version of IFRS for private companies and resources for additional IFRS information.
This document discusses strategies for winning new business in a difficult market, focusing on federal contracting. It addresses establishing a marketing culture, developing value propositions, managing competition through processes and tools, developing win strategies, and determining price to win bids. The key strategies discussed are focusing on client value, understanding customer needs, developing structured marketing plans, specializing in industries rather than just expertise, and balancing capability and price in proposals.
This document summarizes regulations and guidance around travel costs for government contractors. It discusses the FAR and JTR regulations regarding reasonable and allowable travel costs, including per diem rates, partial travel days, and airfare limitations. It also outlines potential DCAA audit procedures focusing on travel policies, cost documentation, and compliance with FAR cost principles. Record retention requirements and treatment of unallowable travel costs are addressed as well.
The document discusses CFO M&A strategies and experiences, including:
- How ICF sourced deal opportunities through investment bankers and expanding contacts.
- ICF's reliance on internal due diligence of contracts/backlog and external experts for accounting/legal/HR reviews.
- ICF's M&A process of due diligence, negotiating deals to closing, and post-closing integration.
- Key aspects of ICF's integration process including identifying teams, addressing culture/communication, and focusing on value drivers.
Our Young Professionals' 2013 New Years Resolutions
1. Our Young Professionals’
2013 New Years Resolutions
Samantha Locke, Marketing and
Human Resources Coordinator
Proprietary and Confidential 1
2. Attend at least one CPE
each month to increase
industry knowledge.
Attend a Watkins
Meegan Lunch & Learn
and receive 1.5
complimentary credits.
Click here to see the
schedule.
Proprietary and Confidential 2
3. Save more money
Click here to view last
month’s tips on “12
Ways to Become
Fiscally fit before the
New Year”.
Proprietary and Confidential 3
4. Get better sleep. Sleep
is necessary in order to
pass those exams and
have the strength to
network. Read this
article from Harvard
Health about 6 reasons
to get more sleep.
Proprietary and Confidential 4
5. Become a member and
GET INVOLVED with the
AICPA and other state
societies once passing
the CPA exam.
Proprietary 5
6. Attend three more
networking events than
you did in 2012. Do
your research. There
are networking events
every day of the week
in this area. Start by
searching your groups
on LinkedIn.
Proprietary 6
8. Join more construction
associations to
understand every day
issues affecting our
construction clients.
Construction is one of many
industries in which Watkins Meegan
specializes. Click here to learn more
about what the team offers.
Proprietary and Confidential 8
9. Pass the CPA exam and
other certifications.
Study tips!
Proprietary and Confidential 9
10. Continue to go the
extra miles for our
clients.
Read our firm mission
statement and our
values.
Proprietary and Confidential 10
11. Build strong
relationships with firm
partners through lunch
and coffee meetings.
Learn more about the
people who make us
Watkins Meegan.
Proprietary and Confidential 11
12. Introduce a new client
to Watkins Meegan
Proprietary and Confidential 12