The government is removing a specific accounting rule to match standard business practices
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Table of Contents
The Office of Management and Budget (OMB) has issued a final rule to remove Cost Accounting Standard (CAS) 407 from the federal regulations.
Why it matters: This is a technical, administrative cleanup. It simplifies the rules for contractors by making federal accounting requirements match the standard accounting methods they already use for their private business.
Who it affects
- Companies that hold federal contracts and use cost accounting standards.
This rule was issued by the Office of Management and Budget; readers should consult the Federal Register for the specific regulatory text.
Agency: Management and Budget Office, Federal Procurement Policy Office
Source: Federal Register — read the official document