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OMB RIN: 0348-AB91 Publication ID: 2026 
Title: ●Conformance of Cost Accounting Standards to Generally Accepted Accounting Principles for CAS 407--Use of Standard Costs for Direct Material and Direct Labor 
Abstract:

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board, is proposing changes to the Cost Accounting Standards (CAS) to conform CAS 407 to Generally Accepted Accounting Principles. CAS 407 provides guidelines for using standard costs to estimate, accumulate, and report costs of direct material and direct labor. This standard ensures consistency and fairness in cost accounting practices across government contractors.  CAS 407 was initially published April 1, 1974, at 39 FR 11869

 
Agency: Office of Management and Budget(OMB)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
EO 14192 Designation: Deregulatory 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Pub. L. No. 111-350    124 Stat. 3677    41 U.S.C. 1502   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Notice of Proposed Rulemaking  03/20/2026  91 FR 13562   
Notice of Proposed Rulemaking Comment Period End  04/20/2026 
Final Action  09/00/2026 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Undetermined 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Mathew Blum
Deputy Administrator for Federal Procurement Policy
Office of Management and Budget
Phone:202 395-4953
Email: mathew_c._blum@omb.eop.gov