Wednesday, May 5, 2010
Cost Accounting Standards Board Update
We haven't heard much news about Cost Accounting Standards lately so that got us to wondering what the CAS Board has been up to. Have they been actively working, promulgating new standards, issuing interpretations on existing standards, or is the board suffering from trypanosomiasis? To find out, we pulled the minutes of all four of the Board's 2009 meetings to try and discern what might be forthcoming. Well, everyone can rest easy. There's nothing new coming down the pike. The Board's meetings have consisted primarily of the staff updating the Board on a couple of projects that have been rattling around for a long time; harmonizing the Pension Standards (CAS 412 and 413) with the Pension Protection Act of 2006, and trying to figure out whether to exempt contracts performed outside the US from CAS. That's it!