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.

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RELATED FAQS
  1. How are members of the Cost Accounting Standards Board chosen?

    Read about the political appointments to the Cost Accounting Standards Board, which makes, promulgates and amends cost accounting ... Read Answer >>
  2. What are the main objectives of cost accounting?

    Learn about the main benefits of cost accounting systems, why they are different from financial accounting and why they are ... Read Answer >>
  3. What are the main advantages and disadvantages to the cost accounting method?

    Read a brief overview of the main advantages and disadvantages of the cost accounting method as it relates to business analysis ... Read Answer >>
  4. How are fixed costs treated in cost accounting?

    Learn how fixed costs and variable costs are used in cost accounting to help a company's management in budgeting and controlling ... Read Answer >>
  5. How does financial accounting differ from managerial accounting?

    Learn about the main differences between financial accounting and managerial accounting, including why one is highly uniform ... Read Answer >>
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