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091291 1 (1971-06-07)

handle is hein.gao/gaobadxik0001 and id is 1 raw text is: STATEMENT OF ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES BEFORE THE LEGISLATIVE SUBCOMMITTEE, APPROPRIATIONS COMMITTEE UNITED STATE ...N... ON COST ACCOUNTING STANDARDS BOARD BUDGET ESTIMATES FOR FISCAL YEAR 1972 MR. CHAIRMAN AND MIEMBERS OF THE SUBCOMMITTEE: LM091291 We appear before you today to discuss the budget estimates for the operations and continuing expenses for fiscal year 1972, of the Cost Accounting Standards Board authorized by Public Law 91-379, approved on August 15 of last year. Mr. Chairman, the budget estimates we are pre- senting are for the first full fiscal year of operations of the Board. For fiscal year 1971, funds were approved in December to establish the Board and commence operations. In the way of background, the Congress, in extending the Defense Production Act of 1950, included a new section 719 last year--creating a Cost Accounting Standards Board. The new section was passed by the Congress following an 18-month study by the General Accounting Office (GAO) undertaken by previous direction of the Congress. In this study, GAO found that cost accounting standards for negotiated procurements were both feasible and desirable and that the cumulative benefits from the estab- lishment of such standards should outweigh the cost of implementation. The principal function of the Board is to develop and promulgate cost accounting standards designed to achieve uniformity and consistency in the cost accounting practices followed by defense contractors and subcon- tractors under negotiated defense procurements in excess of $100,000, 4

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