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Contributor: John Ford In June 2024, the CostAccountingStandards Board (CASB) published three significant actions in the Federal Register. Leases classified as right-of-use assets for financialaccounting purposes that were formerly known as operating leases, are excluded from facilities capital items reported on this form.”
Many small business government contractors are exempt from complying with costaccountingstandards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?
The FinancialAccountingStandards Board (FASB) issued a plan on Oct. 29 to modernize guidance on the accounting for software costs, which the board said would enhance the transparency of an entity’s cash flows related to internal-use software costs. 27, 2025.
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