LexisNexis® Legal Newsroom
Why Generally Accepted Accounting Principles (GAAP) Are Insufficient for Government Contract Cost Accounting

By Darrell Oyer The cost accounting regulations for contracting with the Federal government consist of many pages 1 of detailed principles, practices, rules and regulations, despite the fact that existing cost principles exist in the U.S. Generally Accepted Accounting Principles (GAAP) as well as...

Why Generally Accepted Accounting Principles (GAAP) Are Insufficient for Government Contract Cost Accounting

By Darrell Oyer The cost accounting regulations for contracting with the Federal government consist of many pages 1 of detailed principles, practices, rules and regulations, despite the fact that existing cost principles exist in the U.S. Generally Accepted Accounting Principles (GAAP) as well as in...

Faced With Conflicting Regulations on Reporting, Does a Company Need Multiple Sets of Books?

By Darrell Oyer Publicly traded companies and many other companies must report financial data in accordance with established financial reporting requirements. These same companies must also file tax returns with the Internal Revenue Service (IRS). If the company has Federal government contracts, there...

Faced With Conflicting Regulations on Reporting, Does a Company Need Multiple Sets of Books?

By Darrell Oyer Publicly traded companies and many other companies must report financial data in accordance with established financial reporting requirements. These same companies must also file tax returns with the Internal Revenue Service (IRS). If the company has Federal government contracts, there...