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Federal government procurement of goods and services from government contractors is highly regulated, as are certain other industries such as commercial and thrift banking, securities brokerage, and insurance brokerage. A government contractor that ventures forth without an understanding of the FARs or of the governing body, the Cost Accounting Standards Board (CASB) with its Cost Accounting Standards (CASs), is following a formula for failure. ALG can help. Our firm was founded upon the government contracting business sector. We add value to our clients by providing them the tools and guidance necessary to compete and win in the government contracting arena.
The concept underlying the FARs is fairly basic: develop a system of acquisition regulations that applies across the board to all executive agencies of the federal government. The FARs consist of 53 specific parts. ALG can help you navigate through all parts of the FAR.
It is incumbent upon any government contractor or its advisor to recognize that the specific executive government agency it is dealing with may have issued a “supplemental” FAR. For example, the all-important Department of Defense (DoD) FAR Supplement aids in understanding the nature of restructuring costs. ALG has a vast experience level working on DoD Contracts. We leverage this experience to ensure our clients success.
The all-powerful Cost Accounting Standards Board (CASB) was resurrected in 1988. It re-codified previous Cost Accounting Standards (CASs) and acts as an independent agency within the legislative branch of the federal government. It sets the “trigger” threshold for a contract at $7.5 million: any government contract with a value below this trigger amount is exempt from CAS application. Also exempt are sealed bids, small business awards, regulated price awards, commercial items, firm-fixed-price contracts, and certain foreign contracts.
In addition to disclosure requirements to comply with the CASs, the disclosure requirement of $50 million or more in CAS-covered awards must describe the entity’s accounting practice against which costs are measured under the FAR. Even though many government contractors may be exempt from CAS application, it may be advisable to review them to understand the intent at providing guidance on federal procurement cost accounting. ALG can help.