Alongside the “Revolutionary FAR Overhaul,” the Trump Administration is prioritizing another set of regulations that impact government acquisition, the Cost Accounting Standards (CAS).  CAS modernization and CAS convergence with Generally Accepted Accounting Principles (GAAP) address some long-standing unfinished business of the CAS Board and its regulators.  In other words, “CAS 2.0” aims to update CAS regulations, which were primarily written in the 1970s, to align with the current FAR contract and financial accounting environments. 

While modernization and convergence topics are not new to industry and government alike, many are long overdue for addressing gaps with current requirements. For example, CAS modernization aims to decouple CAS from the “TINA” threshold, raise trigger thresholds in contracts, address long-used contract types (e.g., hybrid, indefinite delivery vehicles) that are not specifically identified in the CAS regulations, and address multiple simultaneous changes to cost accounting practices. Similarly, increasing reliance on GAAP would eliminate redundant accounting requirements, such as paid time off and consumption-based depreciation, and rely on GAAP terminology for operating revenue and leases.



These live webinars are eligible for both CLE and CPE credit.
NOTE: CPE/CLE credit for attendees are subject to participation and approval by the governing boards. NASBA CPE ACCREDITATION INFORMATION
Learning Level: Beginner
Prerequisites: None
Field of Study: Specialized Knowledge
Delivery Method: Group Internet Based

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