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  2. Cost Accounting Standards - Wikipedia

    en.wikipedia.org/wiki/Cost_Accounting_Standards

    Cost Accounting Standards. Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied ...

  3. Historical cost - Wikipedia

    en.wikipedia.org/wiki/Historical_cost

    The historical cost of an asset at the time it is acquired or created is the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or create the asset plus transaction costs. [1] Historical cost accounting involves reporting assets and liabilities at their historical costs, which are not ...

  4. Accounting Standards Codification - Wikipedia

    en.wikipedia.org/wiki/Accounting_Standards...

    Problems with the old standards increased financial reporting risk and led to inefficiencies that increased cost. The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the ...

  5. Cost accounting - Wikipedia

    en.wikipedia.org/wiki/Cost_accounting

    e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them ...

  6. Convergence of accounting standards - Wikipedia

    en.wikipedia.org/wiki/Convergence_of_accounting...

    e. The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [2] and efforts today include projects that aim to reduce the differences between accounting standards. [3]

  7. Standard cost accounting - Wikipedia

    en.wikipedia.org/wiki/Standard_cost_accounting

    Standard cost accounting uses ratios called efficiencies that compare the labor and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise. Unfortunately, standard cost accounting methods developed about ...

  8. Cost auditing - Wikipedia

    en.wikipedia.org/wiki/Cost_auditing

    Cost auditing. A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. [ 1] A cost audit comprises the following;

  9. International Accounting Standards Board - Wikipedia

    en.wikipedia.org/wiki/International_Accounting...

    The International Accounting Standards Board (IASB) is the independent accounting standard -setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting ...