One hundred and sixty years ago, the technology of the telegraph was very hot. Imagine, being able to send cross-country messages is less than a day. Western Union built its first transcontinental telegraph line in 1861 which, at the time, was as incredible as the computer when it first arrived. But technology doesn’t stay relevant forever and Western Union sent its last telegraph 10 years ago – back in 2006.

Source: PNWC’s Government Contracting Update: No Longer Permissible to Communicate with the Government Via Telegram

Defense contractors are required by DFARS (DoD FAR Supplement) 252.242-7006, Accounting System Administration, to establish and maintain an acceptable accounting system. The clause defines “acceptable” by listing eighteen criteria. (By the way, these eighteen criteria closely mirror the requirements of the SF Form 1408, Preaward Survey of Prospective Contractor Accounting System which most contractors are aware of). The eighteenth criteria states that the accounting system must provide for accounting practices in accordance with standards promulgated by the Cost Accounting Standards Board, if applicable, otherwise, Generally Accepted Accounting Principles (GAAP). The SF 1408 phrases the requirement a bit differently but with the same intent. It asks the question; Is the accounting system in accord with Generally Accepted Accounting Principles applicable in the circumstances?

Source: PNWC’s Government Contracting Update: Accounting Systems – GAAP Compliance