Cost Accounting Standards Board - CASB


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.

  1. Cost Accounting

    A type of accounting process that aims to capture a company's ...
  2. Cash Accounting

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  3. Applied Cost

    A term used in cost accounting to denote the cost assigned to ...
  4. Financial Accounting

    The process of recording, summarizing and reporting the myriad ...
  5. Financial Accounting Standards ...

    A seven-member independent board consisting of accounting professionals ...
  6. Liability

    A company's legal debts or obligations that arise during the ...
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  1. How are members of the Cost Accounting Standards Board chosen?

    The Cost Accounting Standards Board, or CAS Board, is an independent board in the Office of Federal Procurement Policy. Five ... Read Full Answer >>
  2. Does working capital include salaries?

    A company accrues unpaid salaries on its balance sheet as part of accounts payable, which is a current liability account, ... Read Full Answer >>
  3. What is a profit and loss (P&L) statement and why do companies publish them?

    A profit and loss (P&L) statement, or balance sheet, is essentially a snapshot of a company's financial activity for ... Read Full Answer >>
  4. How do dividends affect the balance sheet?

    Dividends paid in cash affect a company's balance sheet by decreasing the company's cash account on the asset side and decreasing ... Read Full Answer >>
  5. Are dividends considered an expense?

    Cash or stock dividends distributed to shareholders are not considered an expense on a company's income statement. Stock ... Read Full Answer >>
  6. Do dividends go on the balance sheet?

    The only account recorded on the balance sheet, when dividends are declared and before they are paid out to a company's shareholders, ... Read Full Answer >>

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