OFFICE OF FEDERAL PROCUREMENT POLICY ISSUES RULE: CONFORMANCE OF COST ACCOUNTING STANDARDS TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR OPERATING REVENUE AND LEASE ACCOUNTING

WASHINGTON, Sept. 11 -- Office of Federal Procurement Policy has issued a rule called: Conformance of Cost Accounting Standards to Generally Accepted Accounting Principles for Operating Revenue and Lease Accounting.

The rule was published in the Federal Register on Sept. 11 by Mathew Blum, Acting Administrator, Office of Federal Procurement Policy, and Acting Chair, Cost Accounting Standards Board.

Summary: The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (the Board), is publishing, with additional clarification based on public comments from the notice of proposed rulemaking (NPRM), a final rule revising the Cost Accounting Standards (CAS) to conform them with changes in Generally Accepted Accounting Princi...