Cost Accounting Standards for Government Contractors
Government contracting exists in a world of its own. The federal government even has its own set of accounting rules, known as Cost Accounting Standards (CAS).
Nineteen different standards set by the Cost Accounting Standards Board (CASB) dictate how government contractors measure, accumulate, allocate and assign costs. These differ in important ways from commercial rules and generally accepted accounting practices (GAAP).
For the most part, the standards apply only to contracts over $7.5 million. Small business contractors and all contracts under $750,000 are exempt.
No matter the size of your business, however, CAS can have implications for your accounting systems and processes – especially if you have a cost-plus or time-and-materials contract. The best accounting system will allow you to track and output cost data quickly and accurately so you can obtain reimbursement.
How we can help
Our government contracting experts design accounting systems and procedures to maximize opportunity, minimize risk and enhance profitability of federal contracts. Call on us to:
- Answer your questions about CAS compliance.
- Review your contracts and accounting systems to determine compliance requirements.
- Advise on the best accounting systems and standards to support your contracts.
- Design and implement accounting systems that comply with FAR, CAS, DCAA, DCMA and other federal regulations.
- Help your business prepare for and defend against government audits.
- FAR – Part 30: Cost Accounting Standards Administration.
Ready to get more information?
Contact us now or schedule one-on-one time to further discuss CAS and how the standards apply to your contact.