gtag('config', 'UA-3105905-12');

GAO recently released a report to Congress on the Cost Accounting Standards Board (CAS Board) activities. Of particular interest, Appendix I, “Description of the 19 Cost Accounting Standards and Their Purpose” (page 21) specifies the likelihood for GAAP conformity for each Cost Accounting Standard.

GAO findings from February 2020 included: “The [CAS Board] is generally meeting recent legislative requirements and has taken initial steps to assess the extent to which the government’s Cost Accounting Standards (CAS) can be conformed with a set of 12 commercial financial reporting principles known as Generally Accepted Accounting Principles (GAAP).”

Read the report.

In March 2020, the Office of Federal Procurement Policy, the CAS Board published a notice to advise the public of its winter meetings. The notice is published pursuant to section 820(a) of the National Defense Authorization Act for Fiscal Year 2017, which requires the CAS Board to publish agendas of its meetings in the Federal Register. The meetings are closed to the public.

See the Federal Register notice.