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The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States, [1] and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, 48 CFR 1. It covers many of the contracts issued by the US military and NASA, as well as US civilian federal agencies.
Chapters 2-99 are acquisition regulations issued by individual government agencies: parts 1-69 are reserved for agency regulations implementing the FAR in chapter 1 and are numerically keyed to them, and parts 70-99 contain agency regulations supplementing the FAR. [1]
If FAR Part 13, simplified acquisition is used, then a contracting officer can select from a range of processes including Government Purchase Card (GPC) for purchases under the micro-purchase threshold (see definition section of FAR for current value (for example, in U.S., it is currently $2,500), simplified acquisition threshold (see FAR ...
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
As per the memorandum issued by the Department of Defense (DoD), UID-marking is a must for all solicitations issued on or after Jan. 1, 2005. Also the US Department of Defense has made it mandatory for all federal contractors to have UID-marking on their government furnished military and non-military equipment by September 30, 2007.
G.L. Christian and Associates v. United States (312 F.2d 418 (Ct. Cl. 1963), cert. denied, 375 U.S. 954, 84 S.Ct. 444) is a 1963 United States Federal Acquisition Regulation (FAR) court case which has become known as the Christian Doctrine. The case held that standard clauses established by regulations may be considered as being in every ...
A GWAC is an acquisition tool that facilitates and streamlines the purchasing of IT solutions by United States federal government departments and agencies, while ensuring that the many government-mandated rules are followed. [1] These rules are complex, deriving from laws and regulations that guide the purchasing processes of each agency.
The FASB completed in February 2016 a revision of the lease accounting standard, referred to as ASC 842. [1] Separate standards exist for governments and government agencies. Federal government accounting is overseen by the Federal Accounting Standards Advisory Board, whose SSFAS 54 for leases takes effect on October 1, 2023. [2]
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