DEFINITION of 'Cost Accounting Standards Board - CASB'
A U.S. federal government body that has the mandate of promoting consistency and uniformity in cost accounting activities involving government grants and contracts. Established by Congress in 1970, The Cost Accounting Standards Board (CASB) was dissolved in 1980, but was permanently re-established in 1988.
BREAKING DOWN 'Cost Accounting Standards Board - CASB'
The CASB consists of five members, including a chairman and four members with lengthy experience in government contract cost accounting. The other four members consist of two members from the government, one industry representative and one member from the accounting profession.