Federal contractors must now account for revenue and leases like everyone else

Federal rules for how government contractors track their money just changed. They now have to use the same accounting standards for revenue and leases that most private companies already use.

For years, federal contractors could use different accounting methods for government work than for their private business. This meant they often had two sets of books, which made it harder to compare costs and profits. Now, the government wants to see the same numbers everyone else does, which should make it easier to understand what things actually cost.