OFFICE OF FEDERAL PROCUREMENT POLICY ISSUES 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, Sept. 1 -- Office of Federal Procurement Policy has issued a 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 rule was published in the Federal Register on Sept. 1 by Kevin R. Rhodes, Administrator, Office of Federal Procurement Policy, and Chair, Cost Accounting Standards Board.

Summary: The Office of Management and Budget (OMB), Cost Accounting Standards Board (the Board), is publishing a final rule rescinding Cost Accounting Standard (CAS) 407 to conform it with Generally Accepted Accounting Principles (GAAP). One definition is transferred to a different location within chapter 99 of title 48, Code of...