What is 48 CFR?
What is 48 CFR?
CFR Title 48, Federal Acquisition Regulations System (FARS) The Code of Federal Regulations Title 48 contains the codified U.S. Federal laws and regulations that are in effect as of the date of the publication pertaining to the Federal Acquisition Regulations System or FARS.
What contracts are CAS covered?
CAS-covered contract, CAS-covered contract, as used in this part, means any negotiated contract or subcontract in which a CAS clause is required to be included.
What is modified CAS coverage?
(2) If any one contract is awarded with modified CAS coverage, all CAS-covered contracts awarded to that business unit during that cost accounting period must also have modified coverage with the following exception: if the business unit receives a single CAS-covered contract award of $50 million or more, that contract must be subject to full CAS
What are the basic accounting principles?
The phrase “generally accepted accounting principles” (or ” GAAP “) consists of three important sets of rules: (1) the basic accounting principles and guidelines, (2) the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board (APB), and (3) the generally accepted industry practices.
