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This document serves as a financial disclosure statement by educational institutions, detailing their cost accounting practices and compliance with federal regulations regarding federally sponsored

How to fill out cost accounting standards board

How to fill out Cost Accounting Standards Board Disclosure Statement (CASB DS-2)

1. Obtain the most current version of the CASB DS-2 form from the official website.
2. Review the instructions and requirements provided with the form to understand the necessary information needed.
3. Fill out Part I of the form, which includes general information about your business, such as name, address, and contact details.
4. Complete Part II, which requires you to disclose your accounting practices and methods employed in your cost accounting.
5. If applicable, fill in any Part III sections that pertain to your specific industry or business structure.
6. Provide supporting documentation as required to substantiate your disclosures.
7. Review the completed form thoroughly to ensure all sections are accurately filled out.
8. Sign and date the form before submission.

Who needs Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

1. Companies that are government contractors and are subject to federal regulations regarding cost accounting practices.
2. Businesses that intend to bid on government contracts governed by the Cost Accounting Standards.
3. Entities that are required to comply with the Federal Acquisition Regulation (FAR) provisions.

People Also Ask about

What is the accounting standards Board in the US?

Background. Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America. Those standards govern the preparation of financial reports.

What are the CASB cost accounting standards?

The cost accounting standards (CAS) consist of nineteen standards promulgated by the Cost Accounting Standards Board (CASB) designed to ensure uniformity and consistency in the measurement, assignment and allocation of costs to contracts with the United States Government.

What is a cost accounting standards board disclosure statement?

The Cost Accounting Standards Board Disclosure Statement (CASB DS-1) is the form required by Public Law 100-679 for contractors and subcontractors. Its purpose is to provide consistency in reporting of costs. All new contractors are required to submit a CASB DS-1 before a contract of $50 million or more is awarded.

What is the cost accounting standards board?

The Cost Accounting Standards Board (CASB) is a U.S. federal government body that mandates consistency and uniformity in cost accounting activities for government grants and contracts. Established by Congress in 1970, the CASB was dissolved in 1980 but was permanently re-established in 1988.

What is the United States Cost Accounting Standards Board?

The Cost Accounting Standards Board (CASB) is a U.S. federal government body that promotes consistency and uniformity in cost accounting for government grants and contracts. Established by Congress in 1970, the Cost Accounting Standards Board (CASB) was dissolved in 1980 but was permanently re-established in 1988.

What is a disclosure statement DS 2?

The DS-2 describes the methodology for distinguishing direct costs from facilities and administrative costs (also known as indirect costs) and identifies the methodology for cumulating and allocating the facilities and administrative costs.

What is the purpose of the cost accounting standards?

Cost Accounting Standards (CAS) are a set of standards that are designed “to achieve uniformity and consistency in cost accounting practices.”

What is US cost accounting standards?

The cost accounting standards (CAS) consist of nineteen standards promulgated by the Cost Accounting Standards Board (CASB) designed to ensure uniformity and consistency in the measurement, assignment and allocation of costs to contracts with the United States Government.

For pdfFiller’s FAQs

What is Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

The Cost Accounting Standards Board Disclosure Statement (CASB DS-2) is a document required by the Cost Accounting Standards Board for contractors to report their cost accounting practices and policies in relation to government contracts.

Who is required to file Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

Contractors who are engaged in certain types of contracts with the federal government and have incurred costs that are subject to Cost Accounting Standards must file the CASB DS-2.

How to fill out Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

To fill out the CASB DS-2, contractors must provide detailed information regarding their cost accounting practices, including policies related to direct and indirect costs, and ensure that the document is completed accurately in accordance with the guidelines set forth by the CASB.

What is the purpose of Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

The purpose of the CASB DS-2 is to ensure transparency and consistency in cost accounting practices among government contractors, and to provide the government with necessary information to evaluate contract costs.

What information must be reported on Cost Accounting Standards Board Disclosure Statement (CASB DS-2)?

The information that must be reported on the CASB DS-2 includes the contractor's accounting practices, cost allocation methods, direct and indirect cost definitions, and any significant changes in accounting practices.