Cost Accounting System Clause Samples
The Cost Accounting System clause establishes requirements for how a party, typically a contractor, must maintain and report its accounting of costs related to a project or contract. It generally mandates the use of a consistent, auditable system for tracking direct and indirect costs, ensuring that all expenses are properly allocated and documented. This clause is crucial for enabling accurate billing, compliance with regulatory standards, and facilitating audits, thereby reducing the risk of disputes over cost reimbursement or misallocation.
Cost Accounting System. In accordance with FAR 16.301-3(a)(1), contractors awarded cost-reimbursement task orders will be required to have and maintain an adequate cost accounting system determined adequate by their cognizant auditing agency. The contractor shall notify the appropriate OCO for ongoing task orders, in writing, if there are any changes in the status of their cost accounting system and provide the reason(s) for the change.
Cost Accounting System. The Subrecipient shall maintain an accounting system that provides a general ledger and cost accounting records adequate to assure that costs incurred are reasonable, allowable, allocable to agreement objectives, and separate from costs associated with other business activities of the Subrecipient. The Subrecipient shall ensure that its accounting system meets required reporting requirements and timely development of cost data in the required form.
Cost Accounting System. Contractors are required to have an adequate cost accounting system for Cost Reimbursement type Orders in accordance with FAR 16.301-3(a)(1). The Contractor must maintain a cost accounting system determined adequate by their cognizant auditing agency. . The Contractor shall notify the ACO and designated OCOs for ongoing Orders, in writing, if there are any changes in the status of their cost accounting system and provide the reason(s) for the change.
Cost Accounting System. The Contractor must maintain an approved DCAA/DCMA cost accounting system. The Contractor shall notify the ACO and designated OCOs for ongoing Orders, in writing, if there are any changes in the status of their approved cost accounting systems and provide the reason(s) for the change.
Cost Accounting System. Unless specified otherwise by the OCO, a contractor interested in participating in Cost-Reimbursement (CR) type Task Orders as defined in FAR 16.301-1 will be required to demonstrate that they have an accounting system that is adequate for determining costs applicable to the contract by the time the task order is awarded. This is an accounting system that the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA), or any federal civilian audit agency has audited and determined adequate for determining costs applicable to this contract in accordance with FAR 16.301- 3(a)(1). The applicable task order can include use of the contractor’s most recent DCAA-approved provisional indirect billing and actual rates for both direct and indirect costs, or if a contractor does not have DCAA- approved rates, their indirect rates in accordance with FAR Part 31. The fee will be negotiated for each Task Order consistent with statutory limitations. If the task order type is to be CPAF or CPIF, the fixed portion of fee and the award portion will be clearly differentiated. Such task orders will be subject to the additional clauses under FAR 16.307. The OCO must determine fair and reasonable pricing, analyze and negotiate fee for all cost-reimbursement task orders as required under FAR 15.4, Pricing, and FAR 16.3, Cost-Reimbursement Contracts. The government will reimburse the contractor for all reasonable, allowable, and allocable costs detailed in FAR 31, Contract Cost Principles and Procedures.
Cost Accounting System. A cost accounting system is the systematic and timely classification, recording, allocation, presentation, and interpretation of costs, either actual or proposed, paid or required to be paid in the performance of services. The cost accounting system involves a higher level of accountability than generally recognized in simple cash basis financial accounting systems.
Cost Accounting System. The Grantee shall maintain an accounting system that provides a general ledger and cost accounting records adequate to assure that costs incurred are reasonable, allowable, allocable to agreement objectives, and separate from costs associated with other business activities of the Grantee. The Grantee shall ensure that its accounting system meets required reporting requirements and timely development of cost data in the required form.