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Cost accounting standards guide - University of Virginia - virginia

Cost accounting standards guide - University of Virginia - virginia 2025

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The document outlines the University of Virginia's guidelines for Cost Accounting Standards (CAS) as per Federal Circular A-21, detailing the principles for determining allowable costs on federally sponsored projects. It emphasizes the importance of consistent application of cost principles, defines direct and indirect costs, and provides criteria for justifying direct charges to sponsored awards. The document also lists unallowable costs and discusses specific policy issues related to administrative expenses, cost sharing, and agency approvals. Overall, it serves as a comprehensive guide for financial management in educational institutions regarding federal funding.

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What is the CAS 416 cost accounting standard?

CAS 416 provides criteria for the measurement of insurance costs, the assignment of such costs to cost accounting periods, and the allocation to final cost objectives.

What are the cost accounting standards?

Cost Accounting Standards (CAS) are a set of standards that are designed to achieve uniformity and consistency in cost accounting practices.

How are cost accounting standards different from GAAP?

Scope: CAS focuses on cost accounting, while GAAP focuses on financial accounting. GAAP provides a broad framework for accounting and financial reporting across various industries. Applicability: CAS applies to contracts involving the federal government and relevant agencies upon meeting certain thresholds.

What are the four cost accounting standards?

CAS 407 Use of Standard Costs for Direct Material and Direct Labor. CAS 408 Accounting for Compensated Personal Absence. CAS 409 Depreciation of Tangible Capital Assets. CAS 410 Allocation of Business Unit General and Administrative Expenses to Final Cost Objectives.

What is the difference between GAAP and accounting standards?

GAAP tends to be more rules-based, while IFRS tends to be more principles-based. Under GAAP, companies may have industry-specific rules and guidelines to follow, while IFRS has principles that require judgment and interpretation to determine how they are to be applied in a given situation.

How is CAS different from GAAP?

CAS is focused on the allocation of costs to government contracts, GAAP is focused on financial reporting for companies and the FAR is focused on allowability of costs on government contracts.

What is the difference between CAS and FAR?

Applicability: CAS applies only to contractors who receive contracts above a certain dollar threshold, while FAR applies to all government contractors.

Cost accounting standards guide - University of Virginia - virginia 2025

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