Cost Accounting Standards defined in the Code of Federal Regulations (CFR), Part 99, contain educational standards effective January 1995 and incorporated into the revised OMB Circular A- 21. The standards applicable to educational institutions are: § 501, Consistency in Estimating, Accumulating, and Reporting Costs; § 502, Consistency in Allocating Costs Incurred for the Same Purpose, § 505, Accounting for Unallowable Costs, and § 506, Consistency in Using the Same Cost Accounting Period. In addition, the Cost Accounting Standards require a Disclosure Statement disclosing all relevant cost accounting policies and procedures.

Federally mandated accounting standards intended to ensure uniformity in budgeting, allocating and costing university activities. They apply to grants, contracts and cooperative agreements at the University of Washington full description: CAS 501: Consistency in Estimating, Accumulating and Reporting Costs CAS 502: Consistency in Allocating Costs Incurred for the Same Purpose CAS 505: Accounting for Unallowable Costs CAS 506: Consistency in Using the Same Accounting Period for Purposes of Estimating, Accumulating and Reporting Costs

(CAS) - Federally mandated accounting standards intended to ensure uniformity in budgeting, accounting and reporting project costs.