The Cost Accounting Standards Board announced September 10 it had decided to discontinue developing a cost accounting standard for accounting treatment of post retirement benefit (PRB) plans under cost-based contracts and subcontracts. The decision was based on numerous reports showing PRBs are decreasing due to the substantial increase in health benefits and contractors need to remain flexible in how they recognize the liability. Many commentators to the recent CAS Board proposals argued the accrual accounting under existing accounting rules are the best way to measure and assign costs for PRBs that create a firm liability.
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