OFFICE OF FEDERAL PROCUREMENT POLICY ISSUES RULE: CONFORMANCE OF COST ACCOUNTING STANDARDS TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR COST ACCOUNTING STANDARDS 404, 408, 409, AND 411

WASHINGTON, July 8 -- Office of Federal Procurement Policy has issued a rule called: Conformance of Cost Accounting Standards to Generally Accepted Accounting Principles for Cost Accounting Standards 404, 408, 409, and 411.

The rule was published in the Federal Register on July 8 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 wholly rescinding Cost Accounting Standards (CAS) 408 and 411 and rescinding most provisions of CAS 404 and 409 to conform to Generally Accepted Accounting Principles (GAAP). The remaining content from CAS 404 and 409 is trans...