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Expert Analysis

Federal Cost Accounting Standards Are Inching Toward GAAP

By Angela Styles (March 25, 2019, 4:04 PM EDT) -- On March 13, 2019, the Cost Accounting Standards Board, or CASB, issued a staff discussion paper on the potential conformance of seven of the 19 federal cost accounting standards, or CAS, to generally accepted accounting principles, or GAAP.[1] As many may recall, this CAS to GAAP conformance review was mandated by the Fiscal Year 2017 National Defense Authorization Act, and the first review was due to Congress by Dec. 23, 2016.[2] Better late than never, the paper initiates the first of four potential stages of the CASB's rulemaking process for CAS 408 and CAS 409, relating to compensated personal absence and the depreciation of tangible capital assets respectively.[3]...

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