ASC606 requires that adjustments to revenue be done at the transaction level. That's not always feasible due to a high volume of transactions or the inability to identify specific contracts to which the adjustment applies. In this episode, we discuss the Portfolio Method and how a top-level adjustment can be made which results in reporting revenue …

Join us in this episode for a discussion on implied performance obligations, the challenges they present, and where to look for them.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss the do’s, don’ts and pitfalls of outsourced accounting. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Jonathan Reid, a Director in Outsourced Accounting Services. Tune in to learn more about: How outsourced accounting …

This episode is all about Remaining Performance Obligations, a reporting requirement for quarterly and annual reports. We talk about the challenges of identifying and reporting on performance obligations not yet delivered.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss how to choose the right Enterprise Resource Planning (ERP) system that fits your company’s unique needs. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Christine DeYuliis, a Senior Manager. Tune in to learn more about s…

In this episode of Cherry Bekaert’s Government Contracting podcast, we discuss ways to optimize the benefits of outsourcing your accounting operations. Host Craig Hunter, a Director in the Government Contracting Industry practice, is joined by Mike Cippel, Managing Director, and Directors Irwin Kaplin and Jonathan Reid. Tune in to learn more about:…

Listen in as we dive into the topic of reserves and accruals.Susan Holmes and Natasha Castelli

In the fourth episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s Government Contracting practice. Bringing extensive knowledge and experience in the government contracting spac…

In this episode we welcome Angela Liu to the podcast for a discussion on usage and consumption based models. Hear her insights into the options for recognizing revenue under these models along with the challenges of each. She also provide ideas on how to better communicate with other teams within an organization with the help of AI.…

In the second episode of Cherry Bekaert’s Operational Effectiveness podcast series, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Todd Angioli, a Director in the Firm’s Government Contracting practice with 20+ years of financial operations experience. Together, Eric and Todd discuss mid-y…

Listen in as we discuss the usage based performance obligations. Variable consideration, material rights, and SSP can all be impacted by how the deliverable is measured, tracked, and reported.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert’s GovCon Podcast host Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Vivian Kohrs, Director, Strategic Tax, and Bryan Weems, Senior Manager, Tax Credits and Incentives. Together they give an overview of research and development (R&D) credits for government…

Listen in as we discuss the series of distinct performance obligation guidance. This topic covers how it's defined, circumstances which may impact the timing of recognition, and methods of recognition.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert’s GovCon Podcast, Brynn McNeil and Craig Hunter both Assurance Partners in Cherry Bekaert’s Government Contracting Industry practice, discuss revenue recognition for government contractors. Listen to learn more about: The five steps for recognizing revenue under Accounting Standards Codification (ASC) 606 Understan…

Join us for a discussion on Key Metrics where we talk about challenges to defining and compiling the data.Susan Holmes and Natasha Castelli

Join us for a conversation regarding Costs to Obtain a Contract in which we discuss criteria for identifying costs, recording costs, and practical expedients.Susan Holmes and Natasha Castelli

We are back discussing the topic of Credit Memos. In this episode, we discuss the different types of credit memos and treatments as well as best practices we've seen for handling high volumes.Susan Holmes and Natasha Castelli

Listen in on our discussion around the topic of Collectibility, what factors may contribute to the assessment, and what to do when it's deemed a Revenue Contract doe not exist.Susan Holmes and Natasha Castelli

Join us for a discussion on material rights in which we talk how they may be presented and the challenges of determining their value.Susan Holmes and Natasha Castelli

In the third episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director with Cherry Bekaert Advisory, is joined by Jeffery Annessa, a Senior Manager in Cherry Bekaert’s Government Contractor Industry practice, to discuss CAS implications during mergers and acquisitions. Cherry Bekaert’s government contr…

Join us for a conversation with Em Diagle, host of The Closers podcast as we discuss the state of Revenue Accounting, the latest trends, working with other teams, and ways to advocate for more automation.Susan Holmes and Natasha Castelli

Join us for a discussion on Principal vs Agent and when revenue can be recognized on a gross versus net basis.Susan Holmes and Natasha Castelli

On December 26, 2023, the proposed rule for the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) Program was published in the Federal Register. Listen to Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice and Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybers…

Join us as we discuss best practices and suggestions to streamline the month end close.Susan Holmes and Natasha Castelli

Join us for a discussion with fellow Revenue consultant, Sharon Ng, who provides her experiences with contract modifications.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert’s GovCon Podcast series on the Small Business Administration’s (SBA) 8(a) Business Development Program, Brynn McNeil and Craig Hunter, assurance partners in Cherry Bekaert’s Government Contracting Industry practice, discuss accounting best practices for 8(a) companies. Listen to find out about: Setting up an accoun…

Join us as we discuss how to identify and account for contract modifications.Susan Holmes and Natasha Castelli

In the first episode of a new series on effective operational and financial performance for government contractors, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Todd Angioli, a Director in the Firm’s GovCon practice with 20+ years of financial operations experience, to discuss considerat…

Join us as we welcome Rakesh Gorenta, Product Manager at Zuora, on the show to get his perspective on how to prepare for a successful implementation of a revenue application.Susan Holmes and Natasha Castelli

In the second episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm’s GovCon practice who spent 13+ years with DCAA and held various positions such as Quality Manager, Supervisor…

We've talked about the systems that feed data into Revenue Engines and the data required for the Revenue Engine. Now it's time to talk about some of the configuration considerations when setting up the application.Susan Holmes and Natasha Castelli

Cost Accounting Standards (CAS) are 19 standards and rules promulgated by 41 U.S.C. 422. These standards impact emerging small and large businesses alike. They are designed to achieve uniformity and consistency in cost accounting practices and to improve the accuracy of cost data by ensuring its basis on consistent definitions and principles. Ultim…

Join us for a conversation with Chris Gomez, a Senior Revenue Manager at Zoom, as we discussion system and reporting support for the revenue team as well as the pros and cons of building a revenue system versus purchasing third-party software.Susan Holmes and Natasha Castelli

In this episode of Cherry Bekaert's Government Contracting podcast, Brendan Halloran, a Director in Cherry Bekaert’s Government Contracting Industry practice ,and Jeff Annessa, a Senior Manager in the Firm’s GovCon practice continue our Contractor Business Systems series, discussing system reviews, audit findings, corrective actions, and ACO determ…

Join us for a discussion on the data needed to populate the revenue systems and hear about some of the challenges of acquiring it.Susan Holmes and Natasha Castelli

The Federal Acquisition Regulation (FAR) doesn’t provide many details on the specifics related to an adequate timekeeping system. However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks. In this episode of Cherry Bekaert’s GovCon Podcast, Er…

Join us for a conversation with Jill to hear about her experiences working with the revenue process and related systems.Susan Holmes and Natasha Castelli

Join us in a conversation about all the systems which impact revenue recognition from the Customer Relationship Management (CRM) to the general ledger (GL).Susan Holmes and Natasha Castelli

Join us for a review of Step 5 of ASC606, recognition timing, where we discuss some of the more complex situations for determining when delivery has occurred.Susan Holmes and Natasha Castelli

The Defense Contract Audit Agency (DCAA) recently released its Fiscal Year 2022 Report to Congress. By law, the DCAA is required to submit an annual report detailing the DCAA’s activities for the previous year. In this episode of Cherry Bekaert’s GovCon Podcast, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contracting Industry pra…

To allocate or not to allocate? In this episode, we cover revenue allocation options, methods of applying SSP, and alternatives for booking the adjusting entries.Susan Holmes and Natasha Castelli

In this episode, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice is joined by Matt Schiavone, Managing Director, and Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybersecurity practice to discuss the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 prog…

Join us as we continue discussing SSP analysis. In this episode, we look into options for performing the analysis such as measurement, ranges, compliance, and what the bell curve is telling you.Susan Holmes and Natasha Castelli

Welcome back as we continue our discussion on SSP. This episode focuses on stratifications.Susan Holmes and Natasha Castelli

In this eighth episode of Cherry Bekaert’s podcast series on Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert’s Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), is joined by Roy Rushing, a Manager in t…

Join us as we begin a discussion on performing an SSP Analysis. This episode is focused on gathering and cleaning the data.Susan Holmes and Natasha Castelli

In this episode, Eric Poppe, a Managing Director in Cherry Bekaert’s Government Contractor Industry practice, is joined by Brian Kirk, Senior Manager in the Firm’s Information Assurance & Cybersecurity practice, to discuss the impact of the Draft NIST Special Publication (SP) 800-171 Revision 3 on the Department of Defense’s (DoD) Cybersecurity Mat…

This episode begins our discussion on how to determine a value for each performance obligation (POB). We talk about the valuation methods of stand-alone selling price (SSP), market pricing, third party evidence, cost-plus, and residual.Susan Holmes and Natasha Castelli

A government contractor Material Management and Accounting System (MMAS), as outlined in Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7004, is a system for planning, controlling and accounting for the acquisition, use, issuance and disposition of material. It is under the cognizance of the Defense Contract Audit Agency (DCAA) a…

This episode is all about variable consideration: how it impacts the transaction price and what factors play into its valuation.Susan Holmes and Natasha Castelli