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OMB | RIN: 0348-AB78 | Publication ID: Fall 2024 |
Title: Adopting Commercial Standards and Accounting Practices | |
Abstract:
Section 820 of the FY 2017 National Defense Authorization Act, Public Law 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. |
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Agency: Office of Management and Budget(OMB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: No | Unfunded Mandates: No |
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 |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Mathew Blum Associate Administrator Office of Management and Budget Office of Federal Procurement Policy, 725 17th Street NW, Washington, DC 20500 Phone:202 680-9579 Email: mathew_c._blum@omb.eop.gov |