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Recent CAS Proposed Rules: CAS Applicability to IDVs and Conformance to GAAP
August 21, 2024 @ 12:00 pm – 1:00 pm EDT
The Cost Accounting Standards Board issued in June 2024 three proposed rules / advanced notice of proposed rulemaking seeking public comments on formalizing rules for applying Cost Accounting Standards (CAS) to indefinite delivery vehicles (IDVs) and conforming current CAS rules to generally accepted accounting principles (GAAP). These actions address the lack of clear regulatory requirements applicable to the determination of CAS-coverage to IDVs, particularly indefinite delivery, indefinite quantity (IDIQ) contracts, and the current overlap or redundancy between existing CAS and GAAP requirements associated with operating revenue, accounting for leases, employee compensation and depreciation of fixed assets. The implementation of any final rule(s) remains uncertain, particularly for task or delivery orders under pre-existing IDIQs.
Join BDO’s Government Contracting professionals to gain a better understanding of the current proposed methods and review key considerations for contractors to consider.
