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White House Proposes to Scrap 60 Contractor Accounting Rules
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Subscribe15 SEP 2025 / ACCOUNTING & TAXES
The White House is working to reduce bureaucratic overlap for federal contractors by replacing Cost Accounting Standards (CAS) with Generally Accepted Accounting Principles (GAAP) in three core areas. The move, expected to be finalised by early 2022, aims to streamline contractors' accounting procedures, allowing them to focus on performance rather than paperwork, potentially bringing significant time and cost savings to companies, especially in the defence sector.
Picture your finance team running a marathon in dress shoes, carrying two ledgers, and stopping at every mile marker for a paperwork check. That has been life for many federal contractors under Cost Accounting Standards (CAS). The White House wants to swa...
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