Associate Administrator

0348-AB78 201810 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 0348 Office of Management and Budget OMB Adopting Commercial Standards and Accounting Practices

Section 820 of the FY 2017 National Defense Authorization Act, P.L. 114-328, requires the Cost Accounting Standards (CAS) Board to ensure that the CAS used by Federal contractors rely, to the maximum extent practicable, on commercial standards and accounting practices and systems -- i.e., Generally Accepted Accounting Principles (GAAP). Contractors are subject to both CAS and GAAP which serve different purposes. GAAP reports the financial results of operations at the macro or corporate level, while the CAS measure, assign, and allocate costs at the micro or contract level. There are areas of commonality between CAS and GAAP. The CAS Board is preparing a Staff Discussion Paper, the first step in the Board’s rulemaking process, to seek public input as it identifies the areas of CAS-GAAP commonality, with the goal of minimizing the compliance burden on both contractors and the Government.

]]> Substantive, Nonsignificant First Time Published in The Unified Agenda Prerule Stage No No Deregulatory Not Yet Determined Pub. L. 111-350 124 Stat. 3677 41 U.S.C. 1502 No Staff Discussion Paper 12/00/2018 No No Federal No No No No Mathew Blum Associate Administrator 0348 Office of Management and Budget OMB 202 680-9579 mathew_c._blum@omb.eop.gov Office of Federal Procurement Policy, 725 17th Street NW, Washington DC 20500