Accounting and Advisory Services
Government contracting is one of the most highly regulated industries and understanding these regulations is crucial to ensuring that a positive and constructive relationship is built between our firm and the government entities that we consult.
What is FAR?
The Federal Acquisition Regulation (FAR) is a comprehensive, detailed series of requirements issued by various branches of the federal government. Their purpose is to regulate sales from contractors to certain government branches or federally-funded programs. The regulations lay out the terms under which the government contracts for; obtains ownership, title and control of; and pays for goods or services. It defines the rules governing contractor conduct including cost accounting, specifications, and billing. These regulations are complex and involved and may apply differently to companies based on size and other factors, and the documentation and reporting requirements for compliance can seem overwhelming.
Solutions for New Contractors
Solutions for Existing Contractors
For many companies, federal contracts are a significant source of revenue. The U.S Government has strict compliance regulations that all businesses must follow. The experts at R&A CPAs have vast experience implementing the accounting procedures and internal controls necessary to meet Federal Acquisition Regulation requirements.