3. Dedicate staff to the Federal Accounting Standards Advisory Board (FASAB) to develop cost accounting standards. FASAB should temporarily supplement its current staff by recruiting a dedicated core staff of several senior financial individuals with cost accounting experience. These people should be recruited from not only the federal sector, but also state and local governments, private industry, and academia. The initial set of standards this staff develops would be high-level in nature to ensure issuance within one year and to allow experience to dictate further refinement of the standards in future years. These standards should be issued by December 1994.
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