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PLRD-83-75 1 (1983-05-03)

handle is hein.gao/gaobabmzd0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. 20548 iilETR2CTID - Plo t P , 4d oiuftie the Oeeneral l H U I Accou k2; 0V-NC;9 f c' .. -~ apo by the Office 01 Cofgre a.b;' 121440 B-39995 RELEASED May 3, 1983 The Honorable William V. Roth, Jr. Chairman, Committee on Governmental Affairs United States Senate Dear Mr. Chairman: Subject: Comptroller General's Views on Issues Related to the Reestablishment of the Cost Accounting Standards Board Function'and Certain Matters on CAS 408, Accounting for Costs of Compensated Personal Absence (GAO/PLRD-83-75) In your letter of April 18, 1983, you requested GAO's views on questions reg.arding the Cost Accounting Standards Board (Board) function and our opinion on certain aspects relating to Cost Accounting Standards (CAS) 408, Accounting for Costs of Compensated Personal Absence. GAO's opinions on the CAS 408 questions are included in Enclosure I. This letter discusses the Cost Accounting Standards Board, the operation of the Standards since the Board ceased operation on September 30, 1980, and GAO's views on the two questions you have asked on the Board's function. BACKGROUND ON THE COST ACCOUNTING STANDARDS BOARD FUNCTION In the Summer of 1970 the Congress passed and the President signed into law an amendment to the Defense Production Act of 1950. This act, P.L. 91-379, established the Cost Accounting Standards Board as an agent of the Congress, independent of the executive departments. The Board was established to promulgate cost accounting standards which were designed to achieve uniformity and consistency in the cost accounting principles followed by defense contractors and subcontractors under Federal contracts. During its 10-year life, the Board promulgated 19 standards. They are grouped in three general categories (1) overall cost accounting matters; (2) classes, categories, and elements of cost; and (3) pools of indirect cost. (942174)

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