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Q&A- What our independent reseach & development costs
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Q. We follow FAS 46 and capitalize our independent research and development costs. When we expense these costs are they allowable costs?
A. It depends on when they were incurred. If they were incurred in the same year they are claimed for government costing purposes, no problem. If they were incurred in a prior year then you may not claim them for government costing purposes. This is one of those examples of where GAAP accounting is not consistent with contracting costing. If you capitalize costs for financial reporting purposes, you may need to use “memo records” to account for them as expenses for government costing purposes.
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