The Aerospace Industries Association (AIA) recently submitted feedback to the Office of Management and Budget and Department of War regarding the revisions made to Federal Acquisition Regulation (FAR) Part 30 (Cost Accounting Standards Administration) under the Revolutionary FAR Overhaul effort. The comments highlight opportunities to further streamline Cost Accounting Standards requirements and emphasize the need to better align these requirements with Generally Accepted Accounting Principles to reflect modern accounting practices and reduce the burden of doing business with the federal government. AIA and our members support the ongoing effort to modernize and streamline the federal procurement system and look forward to continued engagement on this initiative.
