The definition of the Council on accounting standards – CASB’
The Council for accounting standards (CASB) is a Federal US government body with the mandate to promote consistency and uniformity in accounting for the cost of obtaining government grants and contracts. Created by Congress in 1970, the Council for accounting standards (CASB) was disbanded in 1980 but was completely restored in 1988. Council regulation enshrined in 48 CFR, Chapter 99.
Accounting standards are a set of 19 standards and rules adopted by the U.S. government to be used in determining the cost of procurement negotiations. CAS differs from the Federal acquisition regulation (far away) so far does not apply to the majority of the work, whereas CAS applies primarily to the larger.
Breaking down the ‘Council for accounting standards – CASB’
The Council for accounting standards (CASB) is the function is in the White house Office of Federal procurement policy (OFPP). In the OFPP is a component of the U.S. office of management and budget (omb), which in turn is the largest division within the Executive office of the President of the United States (end of period). OFPP provides overall leadership of the government procurement and contributes to the development of the economy, efficiency and effectiveness in the procurement process.
In the CASB consists of five members, including the Chairman and four Committee members with extensive experience in government contract cost accounting. The other four members consist of two members from the government, one industry representative and one person from accounting. In the CASB was found in February 2018, for the first time in almost seven years, due to lack of quorum. In the CASB amended the exception on a firm fixed price (FFP) contracts and subcontracts, to match a similar exemption under far. The revision narrows the exception for contracts that require certification.
New Standards Board Accounting
In 2017, section 820 of the act On the national defense authorization for fiscal year 2017 has created a new value defense Council for accounting standards (d-CASB) with the objective of monitoring the application of accounting standards costs of defense contracts. The amendments to topic 820 will come into force from 1 October 2018.
The new rules also create new features for existing CASB. In CASB must make sure that the CAS is based on commercial standards and accounting practices and systems; to review regularly the CAS and meets such standards, where possible, generally accepted accounting principles (GAAP); to conduct annual verification of CAS disputes have led to the boards of contract appeals and to consider greater clarity in the CAS can avoid such disputes.