Actual Costs

From Knowledge base

“Actual costs” means (except for FAR Subpart 31.6) amounts determined on the basis of costs incurred, as distinguished from forecasted costs[1]. Actual costs include standard costs properly adjusted for applicable variances.[2]


Related Topics/Pages

CAS 401 - Consistency in Estimating, Accumulating, & Reporting Costs

FAR 31 - Cost Principles

References

  1. CAS 401
  2. FAR 31