Cost Accounting Standards (CAS) Lee Canada. Cost Accounting Standards Act (CAS) PL

Size: px

Start display at page:

Download "Cost Accounting Standards (CAS) Lee Canada. Cost Accounting Standards Act (CAS) PL"

Phoebe George
6 years ago
Views:

Click to view this email in a browser J.A. White & Associates, Inc, 1341 Garner Lane, Suite 104 Columbia, SC 29210 Tel: (803) 407-1399 Fax: (803) 407-0256 info@jawhite.

com Cost Accounting Standards (CAS) Lee Canada Cost Accounting Standards Act (CAS) PL 100-679 IN THIS ISSUE Cost Accounting Standards (CAS) by Lee Canada CPSR Webinar Announcement Applicability -

1 Click to view this in a browser J.A. White & Associates, Inc, 1341 Garner Lane, Suite 104 Columbia, SC Tel: (803) Fax: (803) info@jawhite.com Cost Accounting Standards (CAS) Lee Canada Cost Accounting Standards Act (CAS) PL IN THIS ISSUE Cost Accounting Standards (CAS) by Lee Canada CPSR Webinar Announcement Applicability - Awards above $700,000 to a large business, when CAS coverage is required (FAR Clause included in the Contract), FFP award and for a Commercial item. There are also additional exemptions - see CAS Exemptions below. Implementing FAR Clauses - FAR , 2 & 3, FAR , Administration of CAS COST ACCOUNTING STANDARDS ALL TIERS OF SUBS; (d) - Threshold to $700,000 (was $500,000 from 8/92 to 6/07, then 650,000 to 10/1/10) 1

2 New E-Learning Courses Announcement - The Contractor must follow consistent cost accounting practices disclosed in writing - The Contractor must: -Obtain a disclosure statement -Notify ACO in writing within 30 days of the PO award -Provide a certificate affirming that the disclosure statement is not required (Certificate of Exemption), or -Provide Certificate of Compliance (frequently those two certificates are combined into a single certificate) -Document - the CAS Disclosure Statement. - Flow down the clause Reference: FAR , 2, 3, & 6. CAS EXEMPTIONS - FAR CAS Exemptions & FAR Appendix AP1 - Awards below $700,000 - Competitive Sealed Bid - Small Business - Price set by law or regulation - Foreign Governments & Foreign Concerns - Commercial FFP Award & FFP with economic price adjustment - FFP subs where TINA (Cost or Pricing Data) is not required - No other existing CAS covered contracts/subcontracts over $7.5 million - UK companies, if performance is in the UK and the Disclosure Statement has been filed with MOD - Subcontracts executed and performed entirely outside the U.S. - CAS not required on mods over $700,000, if CAS was not required in original the PO. CERTIFICATIONS Threshold Requirement (Certifications must be dated prior to award) Whether the proper threshold for a particular transaction is $700,000, or some other amount, depends not on the time of order placement, but the time of award of the government contract. That is, if the government contract has a $650,000 threshold, that threshold remains in effect even after 10/1/10 unless the contract is modified by the Contracting officer. There are some active contracts more than 10 years old, where the original threshold is still in effect. Thus, it is necessary to verify, for each government contract, what the appropriate threshold is. A contract brief is a very useful document. Your Contracts Department should know the 2

proper threshold for each contract, but if in doubt, verify with the ACO. The Public Law requires three elements all be accomplished. The elements are: a.

3 proper threshold for each contract, but if in doubt, verify with the ACO. The Public Law requires three elements all be accomplished. The elements are: a. Flowdown of the associated FAR clauses, (accomplished through the list of FAR flow-downs-part of the Terms and Conditions, verify that FAR , 2, 3 & 6 are included) b. Obtain the supplier s CAS Disclosure Certificate, completed, signed and dated, and document the file (must be dated on or before the award date). c. Notify the ACO, by letter or , within 30 days of the award, of a CAS-covered Award, and document the file. Join us for a discussion on current trends in the CPSR world. This webinar will help prepare participants by giving them a current perspective of what government contractors are facing during a CPSR Audit. Jeffery A. White, C.P.M., noted for his dynamic training style, will be presenting. Purchase tickets today at: INTRODUCING NEW E-LEARNING COURSES 3

4 Introduction to FAR for Subcontract Administrators This course will focus on the comprehensive overview of FAR training that applies to subcontracts and subcontract management. This course will cover some of the statutes and regulations govern the formation and performance of government subcontracts. The course will begin with an overview of the Federal Acquisition Regulation (FAR) and Government policies that apply to subcontracts and subcontract management. Some topics included in the FAR training are as follows: Introduction to Federal Acquisition Regulations (FAR) Formation of Government Subcontracts Contractual Relationships Risk: Defining & Managing Subcontract Management File Documentation Compliance Introduction to Letter Subcontracts The objective of this training module is to help each participant understand the importance of their role while performing their duties as buyers, subcontract administrators, and contract managers. The contents of this module apply largely to supplies and services which are to be acquired under a U.S. Government prime or subcontract. After successful completion of this session, the participant will be able to: What is a Letter Subcontract Proper use of Letter Subcontracts When to issue a Letter Subcontract 4

Recognizing the need for authorization to perform on Letter Subcontracts Purchase Orders/Subcontracts Dated after work commences Visit our E-Learning Page for More Information http://www.jawhite.

5 Recognizing the need for authorization to perform on Letter Subcontracts Purchase Orders/Subcontracts Dated after work commences Visit our E-Learning Page for More Information Course Descriptions and Pricing Create a new account and get started today! At J.A. White & Associates, Inc. Our Vision is your success. J.A. White & Associates, Inc. is the industry leader in the area of procurement compliance and business systems solutions. Our mission is to empower your organization in terms of leveraging your acquisition and management resources through risk identification, process re-engineering, staffing augmentation, support, and training. We provide strategic resources, which will support you in managing and maintaining the highest level of Government compliance. Contact us to discover how our seasoned team of industry leaders can assist your organization in preparing for its next business system review or Government Audit. Subscription Information If you would like to subscribe to this newsletter, please register via our website: Please feel free to pass our newsletter along to your colleagues. J.A. White & Associates, Inc, 1341 Garner Lane, Suite 104 Columbia, SC Tel: (803) Fax: (803) info@jawhite.com 5

6 If you no longer wish to receive these s, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe J.A. White & Associates, Inc Garner Lane Suite 104 Columbia, SC US Read the VerticalResponse marketing policy. 6

Contractors Purchasing System Review

Contractors Purchasing System Review Jeffery A. White, C.P.M. February 2016 Our Mission Statement With constant and ever changing challenges in a procurement environment, J.A. White & Associates, Inc.