Now that the 2013 year-end is closed and audited financial statements are being issued it’s time to begin the preparation of your incurred cost submission. Contractors need to rethink their approach to submitting an adequate ICS on time and since DCAA has reassessed their process so should contractors.
Contractors that have cost reimbursement or time & material contracts that contain the Allowable Cost & Payment Clause, FAR 53.216-7, are required to file an incurred cost submission (ICS) 180 days after your company’s year-end. That means that June 30th many contractors have a requirement to submit their complex proposals. For …read more
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