What does far mean in procurement?

The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States, and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, 48 CFR 1.

What is a far requirement?

FAR requirements apply to how the government procures goods and services, contractor responsibilities and obligations and accounting and pricing considerations leading to DCAA or other government audits.

What is a far document?

A FAR file is an archive that contains game data used by The Sims, a life-simulation game. It stores a collection of objects used within the game. FAR files are referenced by The Sims during gameplay and can be unpacked and edited with various third-party programs.

What is the FAR simplified acquisition threshold?

The simplified acquisition threshold is set by the Federal Acquisition Regulation at 48 CFR Subpart 2.1 (Definitions) and in accordance with 41 U.S.C. 1908. As of the publication of this part, the simplified acquisition threshold is $150,000, but this threshold is periodically adjusted for inflation.

What is the FAR used for?

The Federal Acquisition Regulations System is established for the codification and publication of uniform policies and procedures for acquisition by all executive agencies.

What is the purpose of FAR?

The purpose of the FAR is to publish uniform policies and procedures for federal agencies to follow when going through the procurement process. These rules provide a consistent yet flexible purchasing procedure so that government contracts may be conducted in transparent, fair, and impartial manner.

What is FAR Accounting?

The Financial Accounting and Reporting (FAR) section of the CPA Exam is the most comprehensive, and often regarded as the most difficult, section. It covers a wide range of topics, from how to calculate depreciation to which financial statements are required for governmental organizations.

What is the simplified lease acquisition threshold 2021?

This memorandum approves a class deviation from the Federal Acquisition Regulation (FAR) to increase the Micro-Purchase Threshold (MPT) to $10,000 and the Simplified Acquisition Threshold (SAT) to $250,000 for GSA funded acquisitions. This deviation also raises the Simplified Leasing Acquisition Threshold to $250,000.

What is the simplified acquisition threshold for 2022?

While these rates are periodically adjusted for inflation, the thresholds remain unchanged going into 2022. Currently, the micro-purchase threshold is $10,000 and the simplified acquisition threshold is $250,000.

Why is the FAR important?