Reviewing The Requirements For Announcing Federal Contract...

Evaluate the requirements for announcing federal contract awards. Determine how these requirements apply to this scenario. All federal agencies have to make a public announcement for any contracts awards over the $3.5 million or above threshold. The FAR mandates that all federal agencies have to notify the public of the contract awards by 5:00p.m. eastern time zone on the day of the award. According to Compton (2010) â€Å"The FAR does not require agencies to notify members of Congress when contracts are awarded in their jurisdictions, but agencies typically want to involve congresspeople in the contract award process†(Compton, p.195). According to FAR there are contracts that are excluded from this requirement such as those placed under the Small Business Association section 8(a) of the Small Business Act, ones with overseas firms when place of deliver or performed outside the United States, and those outline was excused under 5.202(a)(1). Some department have a differe nt threshold from the FAR, anywhere from $250,000 to $10 million. The Department of State is $10 million while the Department of Defense is $5.5 million. There is also a threshold for notifying members of Congress for an example the Department of the Interior is $500,00. The Department of Homeland Security is $1 million but the Department of Defense does not have a dollar requirement to notify Congress. The way the government announces these contract awards is by utilizing the newspaper or by newsShow MoreRelatedIfrs Compared to Us Gaap209956 Words   |  840 Pagesdiscussed. However, areas that are disclosure-based, such as segment reporting, are included. A summary of the requirements of IFRSs is included in the left-hand column. In the right-hand column U.S. GAAP is compared to IFRSs, highlighting similarities and differences. 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