Disclosure Statement Prep and Review
Disclosure Statement Preparation and Review
Cost Accounting Standards (CAS) are applicable to government contractors and colleges and universities that receive negotiated awards, including grants and contracts.
Full coverage applies to government contractors' business units that receive a single CAS-covered contract award of $50 million or more, or receive $50 million or more in CAS-covered contract awards during the immediately preceding cost accounting period. Educational institutions receiving Federal awards are subject to five CAS standards.
Any contractor which, together with its segments, received net CAS-covered awards totaling more than $50 million in its most recent cost accounting period shall submit a Disclosure Statement (DS-1). Depending on the circumstances a separate DS-1 may be required for specific operating segments. Any educational institution that receives aggregate sponsored agreements equal to or in excess of $25 million during its preceding fiscal year is required to submit a DS-2.
A Disclosure Statement is a formal description of the organization's cost accounting practices. The document, certified by senior management, is subject to government audit and review for adequacy and compliance with CAS prior to acceptance. Once the Disclosure Statement is submitted and approved, the organization is required to follow its established practices as disclosed. Consequently, the forms should be prepared with proper diligence.
ML Weekes personnel are experienced in the preparation and review of Disclosure Statements. We are prepared to assist your organization in its goal of a timely submission of an accurate and complete Disclosure Statement.