Common use of COST ACCOUNTING STANDARDS Clause in Contracts

COST ACCOUNTING STANDARDS. Unless exempt under 48 CFR 9903.201-1 and 9903.201-2, Contractors must comply with FAR 52.230-2, Cost Accounting Standards. In accordance with FAR 52.230-1, Cost Accounting Standards Notices and Certification, Contractors shall notify the ACO and designated OCO on individual Orders, in writing, if there are any changes to the Disclosure Statement and provide the reason(s) for the change. In accordance with FAR 52.230-6, Administration of Cost Accounting Standards, and FAR 52.230-7, Proposal Disclosure-Cost Accounting Practice, Contractors shall notify the ACO and designated OCO on individual Orders, in writing, if there are any changes to Cost Accounting Practices and provide the reason(s) for the change. Under this clause and provision, the “Cognizant Federal agency official (CFAO)” is the same as the ACO identified in Section G.3.3.