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

    An accounting method where receipts are recorded during the period ...
  3. Applied Cost

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

    A seven-member independent board consisting of accounting professionals ...
  5. Financial Accounting

    The process of recording, summarizing and reporting the myriad ...
  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. Can working capital be depreciated?

    Working capital as current assets cannot be depreciated the way long-term, fixed assets are. In accounting, depreciation ... Read Full Answer >>
  3. Do working capital funds expire?

    While working capital funds do not expire, the working capital figure does change over time. This is because it is calculated ... Read Full Answer >>
  4. How much working capital does a small business need?

    The amount of working capital a small business needs to run smoothly depends largely on the type of business, its operating ... Read Full Answer >>
  5. What does high working capital say about a company's financial prospects?

    If a company has high working capital, it has more than enough liquid funds to meet its short-term obligations. Working capital, ... Read Full Answer >>
  6. How can working capital affect a company's finances?

    Working capital, or total current assets minus total current liabilities, can affect a company's longer-term investment effectiveness ... Read Full Answer >>

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