CASB--Cost Concepts

AFMD-93-29R: Published: Jan 13, 1993. Publicly Released: Jan 27, 1993.

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GAO reviewed the Cost Accounting Standards Board's (CASB) statement of objectives, policies, and concepts, focusing on possible statement revisions. GAO found that CASB should: (1) delete the reference to the equity concept, since the concept has several different meanings in an accounting context; (2) define materiality and use the former CASB list of criteria to determine whether amounts are material or immaterial; (3) explain the circumstances under which it may deviate from the pronouncements of other authoritative bodies; (4) clarify that a causal relationship is the primary basis for allocating costs, and a beneficial relationship is secondary, since the terms causal and beneficial are not synonymous; and (5) publish its statements and standards in a separate document which is readily available to those interested in cost accounting standards.

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