CHAPTER 6Cost Accounting Standards
The Cost Accounting Standards Board (CASB) was established by law on August 15, 1970. When Congress did not appropriate funds for the CASB in 1980, the CASB ceased to exist on September 30, 1980. During its ten-year life, the CASB promulgated 19 individual cost accounting standards that will influence government contracting for many years to come. Legislation was passed in the late 1980s to authorize a new CASB under the authority of the Office of Federal Procurement Policy.
ORIGINAL CAS LEGISLATION
The original CASB was created for a variety of reasons and conditions that existed in the 1960s: (1) contractors had inconsistent accounting practices; (2) generally accepted accounting practices (GAAP) and the ...
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