If you’re a federal contractor, at some point you will be faced with understanding—and complying with—federal regulations regarding acquisitions and accounting: FAR and CAS.
FEDERAL ACQUISITION REGULATION (FAR)
According to the government, FAR is “the primary regulation for use by all Federal Executive agencies in their acquisition of supplies and services with appropriated funds.” The purpose of FAR is to provide a set of consistent, uniform policies and procedures within the federal acquisition process.
COST ACCOUNTING STANDARDS (CAS)
A set of standards and rules established by the federal government to help achieve uniformity and consistency in the cost accounting principles within federal contracting. CAS also sets forth regulations that require contractors to disclose their cost accounting practices, to follow the disclosed practices consistently, and to comply with specified standards.
Learn more around the basics of FAR & CAS and why it’s important for GovCons to understand, in our upcoming webinar – Register Now.