A set of accounting standards that govern how contractors measure, assign, allocate, and report costs on covered U.S. Government contracts. Cost Accounting Standards (CAS) promote consistency in cost accounting practices and help ensure the Government pays only allowable and properly allocated costs. Contractors bidding for negotiated or cost-reimbursement contracts should understand whether CAS applies, as it can significantly affect proposal pricing, indirect cost rates, accounting systems, audit requirements, and ongoing contract compliance.
Cost Accounting Standards (CAS)
US accounting standards governing how contractors measure, allocate, and report costs on covered government contracts.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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