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CASB seeks public feedback on elimination of sure requirements

admin by admin
April 21, 2025
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CASB seeks public feedback on elimination of sure requirements
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The Value Accounting Requirements Board (CASB) has issued a complicated discover of proposed rulemaking, inviting public feedback on the proposed elimination of two price accounting requirements, CAS 404 and CAS 411.

This transfer is a part of the CASB’s efforts to harmonise authorities price accounting requirements with typically accepted accounting rules (GAAP), as mandated by the Nationwide Protection Authorization Act for Fiscal 12 months 2017.

The CASB has famous that for the reason that introduction of CAS 404 and CAS 411, GAAP has undergone revisions, leaving minimal variations between these requirements and GAAP.

The board proposes to eradicate each requirements, apart from sure provisions in CAS 404-50(d)(1) associated to enterprise combos, that are urged to be moved to CAS 418-50.

For contractors with CAS-covered contracts, the proposed modifications would imply that tangible capital belongings from an acquired firm should nonetheless be capitalised on the vendor’s internet e-book worth in the event that they incurred prices on authorities contracts within the final accounting interval earlier than the enterprise mixture.

The minimal acquisition price threshold, beforehand set at $5,000 below CAS 404, could be eliminated.

CAS 411 outlines two acceptable common costing strategies for stock valuation – “weighted common price” and “shifting common.”

Though GAAP broadly refers to common costing strategies, the CASB expects contractors to proceed utilizing one of many two specified strategies, as no broadly established third methodology was recognized.

GAAP doesn’t require written statements of accounting insurance policies and practices, not like CAS 404 and CAS 411.

Nonetheless, the CASB anticipates that contractors will nonetheless develop and keep written accounting insurance policies to fulfill different necessities, akin to these for CAS disclosure statements.

The present discover follows a number of actions taken by the CASB in June 2024.

These actions, together with public feedback, are stated to have make clear the priorities for CAS reform and enchancment

Proposed revisions to CAS 403, CAS 414, and CAS 417 goal to resolve conflicts between CAS and GAAP regarding working income and lease accounting.

Moreover, the CASB has proposed eradicating the necessities of CAS 408 and CAS 409 which might be redundant with GAAP.

This follows business suggestions that supported the elimination of CAS 408, whereas opinions different on the destiny of CAS 409.

Lastly, the CASB has requested public suggestions on the applicability of CAS to indefinite supply autos, providing six potential choices for figuring out when and the way CAS ought to apply to IDV contracts, looking for to make clear present ambiguities.

“CASB seeks public feedback on elimination of sure requirements” was initially created and printed by The Accountant, a GlobalData owned model.

 


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