OFPP Rule – Conformance of Cost Accounting Standards to Generally Accepted Accounting Principles for CAS 407 Use of Standard Costs for Direct Material and Direct Labor

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board has released a notice of proposed rulemaking to elicit public comments on proposed changes to the Cost Accounting Standards (CAS) to conform CAS 407 to Generally Accepted Accounting Principles (GAAP).