Title: What Are Cost Accounting Standards? – Finance & Accounting Finance & Accounting
Headings: What Are Cost Accounting Standards?
What Are Cost Accounting Standards?
Overview
Cost Accounting Standards
Receiving a CAS Exemption
Definitions
Cost Accounting Standards
Direct Costs
Federal Sponsored Award
Indirect (F&A) Costs
Last Reviewed
Resources
Toolkits
Training
Contacts

Content: Definitions
Cost Accounting Standards
The Cost Accounting Standards (CAS) consist of nineteen standards promulgated by the Cost Accounting Standards Board (CASB) designed to ensure uniformity and consistency in the measurement, assignment, and allocation of costs to contracts with the United States Government. CAS covers a variety of costs such as depreciation, pension plans, personal compensation, indirect costs and other areas of cost accounting. Direct Costs
Costs that can be identified specifically with a particular sponsored award, an instructional activity, or any other institutional activity, or that can be directly assigned to such activities relatively easily with a high degree of accuracy. Costs incurred for the same purpose in like circumstances must be treated consistently as either direct or indirect costs. Where an institution treats a particular type of cost as a direct cost of sponsored awards, all costs incurred for the same purpose in like circumstances shall be treated as direct costs of all other activities of the institution. Federal Sponsored Award
Any Federal grant, contract, or cooperative award received directly by the University of Florida as well as subawards received by the University under Federal Sponsored Awards to other organizations. Indirect (F&A) Costs
Costs incurred for common or joint objectives [of the University] and not readily assignable to a particular sponsored award, instructional activity or other institutional activity, without effort disproportionate to the results achieved. “ Facilities” is defined as depreciation on buildings, equipment and capital improvement, interest on debt associated with certain buildings, equipment and capital improvements, and operations and maintenance expenses. “ Administration” is defined as general administration and general expenses such as the director’s office, accounting, personnel, and all other types of expenditures not listed specifically under “Facilities.” Last Reviewed
04/30/2021: