What are Cost Accounting Standards and how do they affect cost-sharing requirements on sponsored projects?
The Cost Accounting Standards Board (CASB) was established by Congress in 1970 and currently operates as an independent board within the Office of Federal Procurement Policy of the Office of Management and Budget. Between 1970 and 1980, the Board formulated nineteen cost accounting standards to govern the measurement, assignment, and allocation of costs to federal contracts awarded to all private and non profit organizations that meet the $10 million threshold in terms of annual government contracts. Until recently, however, colleges and universities have been exempted from compliance with these standards. In November 1994, the Board approved the application of four of the 19 cost accounting standards to colleges and universities, following prolonged discussions with the Office of Management and Budget, other federal agencies, and organizations representing institutions of higher education. These cost accounting standards became effective on January 9, 1995, and are applicable to educa
Related Questions
- How are the consistency requirements under Cost Accounting Standards interpreted in terms of cost-sharing commitments?
- What are Cost Accounting Standards and how do they affect cost-sharing requirements on sponsored projects?
- Can we capitalise the development cost according to the accounting standards in UK?
