OFFICE OF FEDERAL PROCUREMENT POLICY ISSUES PROPOSED RULE: CONFORMANCE OF COST ACCOUNTING STANDARDS TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR CAS 407 USE OF STANDARD COSTS FOR DIRECT MATERIAL AND DIRECT LABOR

WASHINGTON, March 20 -- Office of Federal Procurement Policy has issued a proposed rule called: Conformance of Cost Accounting Standards to Generally Accepted Accounting Principles for CAS 407 Use of Standard Costs for Direct Material and Direct Labor.

The proposed rule was published in the Federal Register on March 20 by Kevin R. Rhodes, Administrator, Office of Federal Procurement Policy, and Chair, Cost Accounting Standards Board.

Summary: The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (the Board), is releasing this notice of proposed rulemaking (NPRM) to elicit public comments on proposed changes to the Cost Accounting Standards (CAS) to conform CAS 407 to Generally Accepted Accounting Principles (GAA...