The Road to Simplified Government Contractor Financial Statements

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There has been a demand from many government contractors to reduce the required number of footnote disclosures in financial reports. Businesses and users of financial statements have complained that the disclosure rules in U.S. Generally Accepted Accounting Principles (GAAP) are redundant, hard-to-follow, and sometimes unnecessary.

With the Disclosure Framework Project, the Financial Accounting Standards Board (FASB) is working on ways to improve the effectiveness of disclosures in notes to financial statements for public and private companies, as well as nonprofit organizations. The objective is to clearly communicate information that is most important to users of financial statements with an emphasis on …read more

Read more here: Government Contracting

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Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

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