COST ACCOUNTING & ALLOWABILITY
Government contractors are subject to a complex set of accounting rules unparalleled in private industry. Depending on the type of federal contract awarded, a business may be subject to these unique cost accounting and allowability rules under the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS). In order to maximize cost recovery and ensure contract compliance, a government contractor must possess a solid understanding of the requirements imposed under these regulations and standards. Additionally, non-compliance with these rules can result in the disallowance of millions of dollars incurred in the performance of a contract if a federal contractor is subject to a Defense Contract Audit Agency (DCAA) Audit.
At The Federal Practice Group, our government contracts attorneys possess the legal knowledge, procedural knowledge, and elite business acumen to counsel their clients through even the most complex accounting issues. Our goal is to resolve a cost dispute before litigation ensues. We regularly counsel clients on everyday issues such as compliant cost accounting systems, labor charging, and records retention. In the event of litigation, our government contracts attorneys are also trained litigators who can skillfully present accounting evidence to the Boards of Contract Appeals or Court of Federal Claims in a clear and understandable manner. While our government contracts team includes attorneys with significant experience and educational achievements in corporate finance and accounting, we also maintain a large network of forensic accountants who we can call upon if the testimony of an expert is necessary at hearing or trial.