OMB CAS Board Proposes Eliminating Over 60 Redundant Accounting Requirements for Federal Contractors
Impact Score: 2.6
Timeline: Rulemaking finalization expected by early next year
Summary: The OMB Cost Accounting Standards (CAS) Board has proposed removing over 60 redundant accounting standards for federal contractors to streamline processes by relying on GAAP. This aims to reduce administrative burdens and government oversight across nearly $750 billion in contract spending related to defense, energy, space, and public health. While this deregulatory effort may lower compliance costs and encourage participation, contractors—including institutions like Vanderbilt University—may face initial adjustments and training costs to align their accounting with the new standards.
Key Actions: Vanderbilt should monitor CAS changes, reassess accounting practices, prepare research administration teams for compliance updates, and explore new federal funding opportunities enabled by simplified regulations.
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