Cost Accounting Standards - CMS

cost Accounting StandardsCost Accounting StandardsLarry CatonAcquisition cost /Price Analyst2 Background Information1968 Congressional hearings raised concerns over the lack of cost control and consistency in Defense contract cost Accounting practices1970 Congress passed Public Law 91-379 which formed the cost Accounting Standards board (CASB), the CAS board functioned for a decade promulgating 19 Standards , and numerous interpretations1992 the cost Accounting Standards (CAS) was recodified into the Federal Acquisition Regulation (FAR) and made applicable to all negotiated Government contracts3 Purpose of CASCost Accounting Standards (CAS) are a set of Standards that are designed to achieve uniformity and consistency in cost Accounting practices. 4 Advantages of CASC onsistency ComparabilityMore accurate cost allocations Higher degree of reliance on Accounting systems which reduces risk of incorrect charging or misallocations5 Fundamental Difference Between CAS and FAR RegulationsCAS deals with the allocability of costFAR deals both with allocability and allowability of cost6 CAS Standards Implemented by the FAR cost PrinciplesCAS StandardFAR Reference CAS StandardFAR , (d) , ** , (a) , * (j)404** (m), * (j)405** , * (a) (e)415* (i) & (k) * (a) (a) &

Cost Accounting Standards Board (CASB), the CAS board functioned for a decade promulgating 19 standards, and numerous interpretations 1992 the Cost Accounting Standards (CAS) was recodified into the Federal Acquisition Regulation (FAR) and made applicable to all negotiated Government contracts. 3.

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