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Accounting for Government Contracts--Cost Accounting Standards

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This treatise is intended to guide those professionals involved in contract administrations in both private industry and government procurement circles. The comprehensive coverage in the treatise provides the theoretical and conceptual bases for each standard. The discussion in this treatise draws heavily upon Cost Accounting Standards Board (CASB) documents; the Defense Contract Audit Manual, boards of contract appeals cases, court cases, and presentations by government procurement officials, CPA firms and contractors. The volume is divided essentially into two parts. The first nine chapters introduce the general background and conceptual underpinnings of the Cost Accounting Standards, discuss various aspects of contract administration under CASB regulations, detail the applicability of the standards and regulations to contractors and to contracts, and outline the procedures involved in preparing cost impact proposals for changes in cost accounting practice and in making contract price adjustments. The remaining 20 chapters discuss each standard in detail, with extensive cross-referencing to important interrelationships among the standards.

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Table of Contents

Ch 1 Development and Effect of Cost Accounting Standards 

Ch 2 Contract Administration and Appeals

Ch 3 Applicability of CASB Standards, Rules, and Regulations

Ch 4 CAS Contract Clauses and Compliance

Ch 5 Change to a Cost Accounting Practice

Ch 6 Disclosure Statement

Ch 7 Cost Impact Proposals and Contract Price Adjustments

Ch 8 Materiality

Ch 9 Special Allocation Methodologies

Ch 10 CAS 401--Consistency in Estimating, Accumulating, and Reporting Costs

Ch 11 CAS 402--Consistency in Allocating Costs Incurred for the Same Purpose

Ch 12 CAS 403--Allocation of Home Office Expenses to Segments

Ch 13 CAS 404--Capitalization of Tangible Assets

Ch 14 CAS 405--Accounting for Unallowable Costs

Ch 15 CAS 406--Cost Accounting Period

Ch 16 CAS 407--Use of Standard Costs for Direct Material and Direct Labor

Ch 17 CAS 408--Accounting for Costs of Compensated Personal Absence

Ch 18 CAS 409--Depreciation of Tangible Capital Assets

Ch 19 CAS 410--Allocation of Business Unit
General and Administrative Expenses to Final Cost Objectives

Ch 20 CAS 411--Accounting for Acquisition Costs of Material

Ch 21 CAS 412--Composition and Measurement of Pension Cost

Ch 22 CAS 413--Adjustment and Allocation of Pension Cost

Ch 23 CAS 414--Cost of Money as an Element of the Cost of Facilities Capital

Ch 24 CAS 415--Accounting for the Cost of Deferred Compensation

Ch 25 CAS 416--Accounting for Insurance Costs

Ch 26 CAS 417--Cost of Money as an Element of the Cost
of Capital Assets Under Construction

Ch 27 CAS 418--Allocation of Direct and Indirect Costs

Ch 28 CAS 420--Accounting for Independent Research and Development
Costs and Bid and Proposal Costs

Ch 29 Significant Regulatory Issues That Affect Cost Accounting Standards

Appendix I Model Disclosure Statement

Appendix II CAS Definition Cross-Reference

Appendix III CAS Working Group Papers