FASAB Develop High-Level Cost Accounting Standards

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.