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It’s Back – DCAA’s Non-Defense Audit Authority Revived

Client Alert | less than 1 min read | 11.03.16

A recent DCAA policy memorandum lifted the moratorium on DCAA performing non-Defense audits, which (as discussed here) effectively applied only to incurred cost audits. Specifically, because DCAA has purportedly "met the requirement of less than 18 months of incurred cost inventory" outlined in the 2016 National Defense Authorization Act as of October 1, 2016, DCAA "may again provide full audit support for non-Defense agencies" and the Operations Directorate "has coordinated at the Executive level with [its] reimbursable customers to inform them that [its] audit services can resume."

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Client Alert | 1 min read | 07.08.26

CAS Board Publishes Final Rule Rescinding CAS 404, 408, 409, and 4117

As part of its ongoing effort to conform the Cost Accounting Standards (“CAS”) to generally accepted accounting principles (“GAAP”), the CAS Board published a final rule rescinding CAS 408 (Accounting for costs of compensated personal absence) and CAS 411 (Accounting for acquisition costs of material).  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which will be located in new paragraphs of CAS 405 (Accounting for unallowable costs).  Specifically, the CAS Board retained the requirements currently located at CAS 404-50(d)(1), CAS 409-50(e)(5), CAS 409-50(j)(1), and CAS 409-50(j)(4), which the CAS Board explained are necessary to protect the Government’s interests.  Otherwise, the CAS Board determined that the requirements of CAS 404, 408, 409, and 411 overlapped with GAAP such that GAAP “may be applied reasonably as a substitute for CAS to support contract cost and pricing.”...

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