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Federal Acquisition Regulation (FAR 31) Audit & Far Overhead Rate Calculation

Federal Acquisition Regulation (FAR 31) Audit & Far Overhead Rate Calculation

Submitted by • April 7, 2019 www.joycecpallc.com

Falling prey to the economic downturn, it’s quite trending amongst several engineering and architectural firms to seek out majorly for government contracts in comparison to other development projects. This trend has mandated these firms to have their overhead rate calculated in compliance with the FAR i.e. Federal Acquisition Regulation. The firms are lesser acknowledged and thoughtful about the FAR audit’s requirements and more concerned about the profitability that government contract promises. Late and less knowledge of FAR makes them prone to unwanted audits and lesser profitability where many CPA’s are also unfamiliar about this particular field of accounting. In recent years it has become mandatory for a firm to have an accurate FAR overhead rate calculation instead of an estimated FAR overhead rate used by the firms.

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