Cost Accounting

n the early years of the 20th century, the US discipline Government had accounting requirements designed in such a way as to protect it from making overpayments for goods and services. These requirements governed the degree to which be atomic number 18 apportioned by contractors to their contracts with the government. In 1970 the relation created the consist business relationship Standards Board (CASB) whose function was to develop a discipline of uniform and consistent standards. The circuit card came up with 19 standards that impose accounting requirements that were unique and signifi lavatoryt on companies awarded contracts by the government. The bag is going to discuss the rise and fall of the Cost be Standards Board.More often than not, the federal government use contracts in which their equipment casualty is based on the contractors cost of performance, the government therefore tolerate the need to protect itself from mischarges by defining the costs that keep be recovered from contracts and too put in go into rules for the allocation of costs that are indirect to the contracts. The commonplace explanation Office was then prone the mandate to explore the first step of putting in place new guidelines.

GAO submitted a number field that comprehensively outlined the need of such guidelines and in 1970; the congress adopted the report and created CASB, as an independent board inwardly the legislature. The Board was initially chaired by a restrainer General who was given the power to appoint four early(a) members. CASB was given the authority to promulgate standards that are designed to acquit unity and cons! istency in practices of cost accounting that are use by the federal contractors on national defending team contracts that were in excess of $100,000. By the start of the 1980s, the board had issued 19 standards that give tongue to among other things, principles for measurement, assigning, and allocation of contracts. The board also exempted some classes of contracts from CAS coverage. In 1980 the CAS Board was dissolved after...If you want to purport a intact essay, order it on our website: BestEssayCheap.com

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