What is FAR?
The Federal Acquisition Regulation (FAR) are a comprehensive, detailed series of requirements issued by various branches of the federal government to regulate sales from contractors to certain government branches or federally-funded programs. The regulations cover the terms under which the government obtains ownership, title and control of the goods or services purchased and rules on specifications, billing and contractor conduct. These regulations are complex and involved; the documentation and reporting requirements for compliance with federal contracts can be overwhelming.
How can R&A help you comply with FAR?
Solutions for New Contractors
- Set up or review your accounting system
- Consult on project cost measurement and reporting
- Review cost accounting compliance with regulatory and contractual requirements
- Develop indirect cost rate structures and implement systems to collect and allocate costs accordingly
- Assist with pre-award and periodic accounting system reviews by a government agency
Solutions for Existing Contractors
- Review internal controls to ensure proper segregation of general and administrative costs
- Assess proper segregation of direct, overhead and G&A expenses
- Analyze costs to determine whether they are reasonable, allowable and allocable
- Maximize reimbursable cost recoveries
- Respond to audit requests by oversight organizations
- Prepare or review:
- Incurred Cost Electronic (ICE) proposals for submission to government auditors
- Indirect cost rates in accordance with the American Association of State Highway and Transportation Officials (AASHTO) standards
- Other rate proposals, compliance reports or required audits
- Perform incurred cost audits for submission to the appropriate governmental agency