Business Cost Accounting Standards Pdf


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Cost Accounting Standards. Issued by. Cost Accounting Standards Board (CASB) . Cost & Management Audit. INDEX. CAS. Title. Page Nos. 1. Classification of. Section 1 – Introduction to Cost Accounting Standards Establishment of Cost Accounting Standards Board (CASB). CAS Working. accounting practices. Congress passed Public Law which formed the. Cost Accounting Standards Board (CASB), the CAS board functioned for a.

Cost Accounting Standards Pdf

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Cost Accounting Standards (popularly known as CAS) are a set of 19 http:// (a) The Cost Accounting Standards Board (hereinafter referred to as the “Board”) is established by and operates in View or download PDF. View or. The Cost Accounting Standards developed and issued by ICMA Pakistan help I am delighted to present the first ever edition of Cost Accounting Standards.

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Cost Accounting Standards (CAS) Oversight

Cost Accounting Standards Published: May 19, Publicly Released: Additional Materials: Full Report: PDF, 14 pages Contact: Office of Public Affairs youngc1 gao. Mar 29, Patient-Centered Outcomes Research Institute: Financial Audit: Of the initial appointments to the Board, two members shall hold appointment for a term of two years, one shall hold appointment for a term of three years, and one shall hold appointment for a term of four years. A vacancy on the Board shall be filled in the same manner in which the original appointment was made.

A member may be reappointed for a subsequent term s. Any member appointed to fill an interim vacancy on the Board shall serve for the remainder of the term for which his or her predecessor was appointed.

Prior to the promulgation of cost accounting standards and interpretations thereof, the Board shall: a Take into account, after consultation and discussion with the Comptroller General, professional accounting organizations, contractors, government agencies and other interested parties: 1 The probable costs of implementation, including inflationary effects, if any, compared to the probable benefits; 2 The advantages, disadvantages, and improvements anticipated in the pricing and administration of, and settlement of disputes concerning, contacts; and 3 The scope of, and alternatives available to, the action proposed to be taken.

During this day period, consult with the Comptroller General and consider any recommendation the Comptroller General may make. Implementation dates for contractors and subcontractors shall be determined by the Board, but in no event shall such dates be later than the beginning of the second fiscal year of affected contractors or subcontractors after the standard becomes effective.

Rules, regulations, cost accounting standards, and modifications thereof promulgated or amended by the Board shall be accompanied by prefatory comments and by illustrations, if necessary.

Cost Accounting Standards promulgated by the Board shall be mandatory for use by all executive agencies and by contractors and subcontractors in estimating, accumulating, and reporting costs in connection with pricing and administration of, and settlement of disputes concerning, all negotiated prime contract and subcontract procurements with the United States Government in excess of the Truth in Negotiations Act TINA threshold, as adjusted for inflation 41 U.

The Board may exempt classes or categories of contractors and subcontractors from cost accounting standards requirements, and establish procedures for waiver of the requirements with respect to individual contracts and subcontracts. The official records of the Board shall be documented with supporting justification for class or category exemptions and individual waivers.

Cost Accounting Standards

The Board shall meet at the call of the Chairman. Agenda for Board meetings shall be proposed by the Chairman, but any Board member may request any item to be placed on the agenda.

Three Board members, at least one of whom is appointed by the Administrator from the private sector, shall constitute a quorum of the Board. Board action shall be by majority vote of the members present and voting, except that any vote to publish a proposed standard, rule or regulation in theFederal Registerfor comment or any vote to promulgate, amend or rescind a standard, rule or regulation, or any interpretation thereof, shall require at least three affirmative votes for the five Board members.

The Chairman may vote on all matters presented for a vote, not merely to resolve tie votes.

Cost Accounting Standards Notices and Certification

During the course of a Board meeting, any Board Member may request that for any portion of the meeting, the Board meet in executive session. The Chairman shall thereupon order such a session.

The Executive Secretary of the Board shall be responsible for keeping accurate minutes of Board meetings and maintaining Board files. Public hearings to assist the Board in the development and explanation of cost accounting standards and interpretive rulings may be held to the extent the Board in its sole discretion deems desirable.

Notice of such hearings shall be given by publication in theFederal Register.

The Chairman may take actions on behalf of the Board on administrative issues, as determined by the Chairman, without holding an official meeting of the members. However, details of the actions so taken shall be provided to all of the members at the next Board meeting following such actions.

Board members may be polled by telephone on other issues that must be processed on a timely basis when such matters cannot be deferred until the next formal meeting of the Board. The Board's staff of professional, technical and supporting personnel is directed and supervised by the Executive Secretary. As a minimum, the files and records shall include: a A record of every Board meeting, including the minutes of Board proceedings and public hearings.

This Part , Rules and Procedures, may be amended by the Chairman, after consultation with the Board. Source: 57 FR , Apr. Subpart Public Law — 41 U. The Paperwork Reduction Act of Pub. The information collection and recordkeeping requirements contained in this regulation have been approved by OMB. OMB has assigned Control Numbers — and — to the paperwork, recordkeeping and forms associated with this regulation.

See or , as applicable.

Negotiated contracts not exempt in accordance with Previously, contracts where performance would have been performed entirely outside the United States including territories and possessions were also exempt, but this exemption was removed for new contracts effective October 11, Furthermore, in some instances even where a company is subject to a standard, different rules may apply within the standard itself as to what a company is required to do. As an example, under CAS , if Company A's "residual expenses" defined as those expenses incurred by the home office — usually the corporate office — which cannot be identified to a specific contract, group of contracts, or company segment exceed a specified percentage of revenue, Company A must follow a dictated "three-factor" formula to allocate such expenses, but if Company B's residual expenses do not exceed the percentage even if, in dollar terms, they are greater , Company B may follow the formula but is not required to do so.

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Post Award

As a minimum, the files and records shall include: a A record of every Board meeting, including the minutes of Board proceedings and public hearings. Coverage for educational institutions requires that the business unit comply with all of the CAS specified in part that are in effect on the date of the contract award and with any CAS that become applicable because of later award of a CAS-covered contract.

While individual contract prices, including cost ceilings or target costs, as applicable, may be increased as well as decreased to resolve an estimating noncompliance, the aggregate value of all contracts affected by the estimating noncompliance shall not be increased. GAO discussed the following: The cognizant Federal agency should take the lead role in administering the requirements of part and coordinating CAS administrative actions with all affected Federal agencies.

The Chairman may vote on all matters presented for a vote, not merely to resolve tie votes.

If you continue browsing the site, you agree to the use of cookies on this website. Two schools of instruction operating under one division, campus location or other subdivision would not be separate segments unless they follow different cost accounting practices, for example, the School of Engineering should not be treated as a separate segment from the School of Humanities if they both are part of the same division's cost accounting system and are subject to the same cost accounting practices.

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