What cost accounting standards apply to SDVOSB government contracts?
Cost Accounting Standards (CAS) apply to contracts above $2 million for contractors with more than $50 million in annual CAS-covered contracts. Most SDVOSBs are CAS-exempt due to small size. However, all cost-reimbursable contracts require cost accounting practices consistent with GAAP and FAR Part 31 cost principles. Key allowable costs must be separately identified from unallowable costs (entertainment, fines, lobbying) on all government contract invoices.
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