Cost Accounting Standards Board - CASB
Categories: Accounting, Company Management
Government agencies. Could man survive without them? Or would we all simply become wild animals feasting on the living while roaming aimlessly through the streets searching for meaning?
Back in the 1970s, the U.S. government ramped up the bureaucracy with a string of new agencies and governmental bodies designed to push papers around and tell Americans how to live their lives. Among that swarm of Alphabet Soup groups was the CASB—better known as the Cost Accounting Standards Board.
This government body oversees the setting of costs, accounting standards, and negotiating of procurement contracts. If you’re a contractor or subcontractor who generates more than $700,000 from the government, this board sets the account standards for your business.
Founded in 1970, the body shut down in 1980, but reopened its doors in 1988. Like Willy Wonka.