Cost Accounting Standards

The Cost Accounting Standards were designed to promote uniform and consistent methods of accounting practices for contractors. We will explain to which contracts and contractors the Standards are applicable, and confer on the current and proposed exemptions to the Standards. We will discuss the requirements of all 19 Standards, the differences in accounting as compared to GAAP and IFRS and methods of structuring your accounting system for compliance. Finally, we will cover the administrative requirements including preparation of the Disclosure Statement and post award contract adjustments due to changes in accounting practices.

Learning Objectives:

• Identify when the Standards are applicable and when a Disclosure Statement is required.
• Distinguish the differences between “modified” and “full” CAS coverage and to which contracts and subcontracts the Standards apply.
• Recognize the fundamental requirements and techniques of application for the Standards.
• Assess accounting system designs for compliance with the Standards.
• Appraise administrative requirements for changes to accounting practices and fundamentals of the General Dollar Magnitude and Detailed Cost Impact.
• Prepare the CASB Disclosure Statement.

Instructor: Bill Walter