Which FAR obligations are put forward by government agencies in the contract?
In their contract Government can impose varied obligations as per established by FAR. Thus these agencies can be either demanding contract bids or can even insist upon the firm's overhead rate in accordance with FAR. In addition, it can be the company's schedule for audited overhead or parallel footnotes; which they will look out for.
What are the pre-requirements for FAR Overhead Rate Calculation?
While numerous firms find government contracts desirable; what they oversee is the information they are obligated to produce during FAR audits. They even miss out on having a proper report of the contract and the cost that is involved. It is thus essential for a firm to own a submissive system to manage the accounting per se. It can be time-consuming and quite a struggle in the beginning but proves beneficial for … Read More