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094681 1 (1977-05-26)

handle is hein.gao/gaobadxqi0001 and id is 1 raw text is: Statement of Elmer B. Staats, Chairman, Cost Accounting Standards Board Before the Subcommittee on Reports, Accounting & Management of the Committee on Governmental Affairs United States Senate on ;the Subcommittee Staff Study on The Accounting Establishment7 May 26, 1977 MR. CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE: I am appearing before you today in my capacity as Chairman of the Cost Accounting Standards Board to discuss various aspects of the Subcommittee Staff Study on the Ac- counting Establishment as it relates to the CASB. Before discussing the staff study, I would like first to review briefly for you our activities to date. We have promulgated 14 cost accounting standards, 2 interpretations of standards, and implementing regulations. All of these promulgations are required to be included in major negotiated defense contracts. In addition, we have developed a cost accounting con- ceptual framework. The essence of that framework was pub- lished in March 1973, in our Statement of Operating Policies, Procedures, and Objectives. The framework has recently been updated and expanded and a restatement has just been published. We believe that establishing concepts for cost accounting, as early in our history as 1973, was very important to our 5-

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