FAR and CAS Compliance

FAR and CAS Compliance

The federal procurement process has come under attack with ever increasing public outcries of fraud and waste. Congressional actions have resulted in accelerated oversight of contractor cost performance.

We handle the overabundance of government accounting regulations and requirements. Our firm’s experienced professionals are versed in the procurement requirements pursuant to the Federal Acquisition Regulations (FAR), Cost Accounting Standards (CAS) and Defense Federal Acquisition Regulations Supplement (DFARS).

The Standards

The original CASB adopted 19 standards, numbered 401 through 420 (419 was never assigned). The new CASB readopted the original 19 standards with only minor modifications, and has yet to adopt any new standards

Standard      

401      Consistency in Estimating, Accumulating and Reporting Cos

402      Consistency in Allocating Costs Incurred for the Same Purpose

403      Allocation of Home Office Expenses to Segments

405      Accounting for Unallowable Costs

406      Cost Accounting Period

407      Use of Standard Costs for Direct Material and Direct Labor

408      Accounting for Costs of Compensated Personal Absence

409      Depreciation of Tangible Capital Assets

410      Allocation of Business Unit General and Administrative Expenses to Final Cost Objectives

411      Accounting for Acquisition Costs of Material

412      Composition and Measurement of Pension Costs

413      Adjustment and Allocation of Pension Cost

414      Cost of Money as an Element of the Cost of Facilities Capital

415      Accounting for the Cost of Deferred Compensation

416      Accounting for Insurance Cost

417      Cost of Money as an Element of the Cost of Capital Assets Under Construction

418      Allocation of Direct and Indirect Costs

419      unused

420      Accounting for Independent Research and Development Costs and Bid and Proposal Costs (IR&D and B&P)