Budget and Spending: CASB--Cost Concepts

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Report Type	Reports and Testimonies
Report Date	Jan. 13, 1993
Report No.	AFMD-93-29R
Subject	Accrual basis accounting Agency missions Auditing standards Cost accounting Cost accounting standards compliance Government publications Materiality Regulatory agencies

Summary:

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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Budget and Spending: CASB--Cost Concepts