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Get the free Cost Accounting Standards Board. Disclosure Statement (DS-2)

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FORM APPROVED OMB Controls NO. 03480055Cost Accounting Standards Board Disclosure Statement (Form DS2) For Educational Institutions (Required by Public Law 100679)COST ACCOUNTING STANDARDS BOARD DISCLOSURE
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Who needs cost accounting standards board?

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Various entities and organizations may require the Cost Accounting Standards Board, including:
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- Businesses engaged in government contracts or subcontracts
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- Contractors providing goods or services to the federal government
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- Defense contractors
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- Government agencies involved in cost accounting and financial management
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- Organizations required to comply with the Federal Acquisition Regulation (FAR) Part 30
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These entities need the Cost Accounting Standards Board to accurately report and track costs associated with government contracts, adhere to federal regulations, and ensure transparency and accountability in their financial operations.
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The Cost Accounting Standards Board (CASB) is an independent federal agency responsible for issuing cost accounting standards applicable to contracts with the federal government.
Companies that have contracts with the federal government and meet certain thresholds are required to comply with the cost accounting standards set by the CASB.
Companies must carefully review the applicable cost accounting standards set by the CASB and ensure that their cost accounting practices comply with these standards when preparing their submissions to the board.
The main purpose of the CASB is to ensure that the costs incurred by contractors on federal contracts are allocated and reported consistently and accurately.
Companies must report detailed information on their cost accounting practices, allocation methods, and cost structures as required by the applicable cost accounting standards.
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