Teddie Arnold Writes on CAB’s Advanced Notice of Proposed Rulemaking in Government Contracting Law Report

Seyfarth’s Teddie Arnold authored an article, “Cost Accounting Board Issues Advance Notice of Proposed Rulemaking to Conform Certain Cost Accounting Standards to Generally Accepted Accounting Principles,” in the October 2024 edition of Government Contracting Law Report. Arnold discussed that the Office of Federal Procurement Policy’s’ Cost Accounting Standards Board has concluded that most of Cost Accounting Standards 408 and 409 have become unnecessary as the governments’ interests can be achieved through reliance on Generally Accepted Accounting Principles and existing requirements in other Cost Accounting Standards (CAS) and the Federal Acquisition Regulation.

“Although one has to await final agency action, the purpose of this ANPRM, i.e., to reduce redundancy and create consistency is a laudatory goal in light of the fact that many consider the CAS to be complicated as it currently stands.”

The full article is available here.