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• W144615683 abstract "Most cost accounting systems are designed to handle contracts performed to completion, but with widespread military cutbacks, federal contracts are being terminated prematurely, creating complex technical problems for CPAS. Companies generally are entitled to recoup their full costs when a federal agency terminates a job in midcontract for its own convenience the usual parlance for contracts terminated for reasons other than cause. But working out how much money the government subsequently owes the business can be difficult. DIRECT VS. INDIRECT COSTS A major hurdle is establishing which business costs are direct and which indirect. Direct costs are charged directly to the contract; indirect costs go into cost pools, such as general and administrative, and are allocated to the contract only via some kind of rate mechanism. Differentiating between the two can be a problem when contracts are terminated because established allocation procedures often are not appropriate in these cases. To illustrate the problems, consider this typical case: A contractor enters into a five year, fixed-price development contract with the military. The job calls for a significant investment in test equipment, to be used exclusively in the project. However, equipment cost is not treated as direct in the original contract for these reasons. n The equipment does not meet the special-test-equipment definition in the Federal Acquisition Regulations FAR), which regulate federal contracting. Specifically, FAR 45. 101 defines special test equipment as single or multipurpose integrated test units engineered, designed, fabricated or modified to accomplish special purpose testing in performing a contract. The practice is to charge special test equipment as a direct cost and general test equipment as indirect. * Cost Accounting Standard 409 to which the company is subject, requires consistent charging; for example, depreciation costs of all like assets used for similar purposes must be treated consistently, either as direct or indirect costs. * Depreciation of the test equipment will be included in engineering overhead in current and future years. If the contract is terminated after the test equipment is acquired but before most of the direct costs for contemplated engineering efforts are incurred, only a minor amount of equipment depreciation can be charged to the contract using the usual engineering overhead-allocation methods. DOUBLE COUNTING One possible recourse for the contractor is to be more flexible in assigning costs. But a contractor that departs from its usual, accepted accounting practices runs the risk of reasonable modifications necessary to outfit an existing facility for contract performance. * In an appeal filed by Fiesta Leasing & Sales, Inc., (AFBCA no. 29311, January 30, 1987, 87-1 BCA 19622), the board allowed depreciation on buses purchased for a busleasing contract terminated shortly after the contract was awarded. The board allowed depreciation over the full 18-month contract period, saying, Such depreciation costs are appropriately recoverable as continuing costs .... There is ... a clear connection between the costs claimed and the terminated contract and it is clear to us that these costs could not be discontinued immediately upon termination. …" @default.
• W144615683 created "2016-06-24" @default.
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• W144615683 date "1992-03-01" @default.
• W144615683 modified "2023-09-23" @default.
• W144615683 title "As Military Downsizes, Contract Termination Becomes a Challenge" @default.
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