Invitation for Public Comments Concerning a Staff Discussion Paper on Conformance of the Cost Accounting Standards to Generally Accepted Accounting Principles

Published date13 March 2019
Citation84 FR 9143
Record Number2019-04513
SectionNotices
CourtManagement And Budget Office
Federal Register, Volume 84 Issue 49 (Wednesday, March 13, 2019)
[Federal Register Volume 84, Number 49 (Wednesday, March 13, 2019)]
                [Notices]
                [Page 9143]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-04513]
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                OFFICE OF MANAGEMENT AND BUDGET
                Invitation for Public Comments Concerning a Staff Discussion
                Paper on Conformance of the Cost Accounting Standards to Generally
                Accepted Accounting Principles
                AGENCY: Cost Accounting Standards Board, Office Federal Procurement
                Policy, Office of Management and Budget.
                ACTION: Notice.
                -----------------------------------------------------------------------
                SUMMARY: The Office of Federal Procurement Policy, Cost Accounting
                Standards Board, invites public comments concerning a Staff Discussion
                Paper (SDP) on conformance of the Cost Accounting Standards (CAS) to
                Generally Accepted Accounting Principles (GAAP).
                DATES: Comments must be in writing and must be received by May 13,
                2019.
                ADDRESSES: Due to delays in OMB's receipt and processing of mail,
                respondents are strongly encouraged to submit comments electronically
                to ensure timely receipt. Electronic comments should be submitted to
                [email protected]. Be sure to include your name, title, organization,
                and reference case CASB 2019-01. If you must submit by regular mail,
                please do so at Office of Federal Procurement Policy, 725 17th Street
                NW, Washington, DC 20503, ATTN: Raymond Wong.
                 Please note that all comments received are subject to the Freedom
                of Information Act, considered public, and will be posted in their
                entirety, including any personal and/or business confidential
                information provided. Do not include any information you would not like
                to be made publically available.
                FOR FURTHER INFORMATION CONTACT: Raymond Wong, Cost Accounting
                Standards Board Director (Telephone 202-395-6805).
                 Availability: The full text of the SDP is available on the Office
                of Management and Budget homepage at: https://www.whitehouse.gov/wp-content/uploads/2019/03/2019-01-SDP-supp1.pdf.
                SUPPLEMENTARY INFORMATION:
                A. Regulatory Process
                 Rules, regulations and standards issued by the Cost Accounting
                Standards Board (Board) are codified at 48 CFR Chapter 99. Pursuant to
                41 U.S.C. 1502(c), the Board, prior to the establishment of any new or
                revised Cost Accounting Standard (CAS or Standard), is required to
                complete a prescribed rulemaking process. The process generally
                consists of the following four steps:
                 1. Consult with interested persons concerning the advantages,
                disadvantages and improvements anticipated in the pricing and
                administration of Government contracts as a result of the adoption of a
                proposed Standard.
                 2. Promulgate an Advance Notice of Proposed Rulemaking.
                 3. Promulgate a Notice of Proposed Rulemaking.
                 4. Promulgate a Final Rule.
                 This notice is the first step of the four-step process.
                B. Background and Summary
                 The Office of Federal Procurement Policy (OFPP), Cost Accounting
                Standards Board, is releasing an SDP on the conformance of CAS to GAAP.
                The SDP has been developed as part of the rulemaking process set forth
                at 41 U.S.C. 1502(c), which requires the Board to consult with
                interested persons concerning the advantages, disadvantages, and
                improvements anticipated in the pricing and administration of
                Government contracts as a result of the adoption of a proposed Standard
                prior to the promulgation of any new or revised CAS. The full text of
                the SDP is available on the Office of Management and Budget homepage
                at: https://www.whitehouse.gov/wp-content/uploads/2019/03/2019-01-SDP-supp1.pdf.
                 The National Defense Authorization Act of FY2017 (Pub. L. 114-328,
                130 Stat. 2273) amended 41 U.S.C. 1501(c)(2) to require the Board to
                review CAS and conform them, where practicable, to GAAP. In addition,
                the amended 41 U.S.C. 1502(e) requires the Board to submit an annual
                report to the Congressional defense committees, the Committee on
                Oversight and Government Reform of the House of Representatives, and
                the Committee on Homeland Security and Governmental Affairs of the
                Senate describing the action taken during the prior year to conform CAS
                with GAAP and to minimize the burden on contractors while protecting
                the interests of the Federal Government.
                 The SDP solicits the public's views with respect to the Board's
                statutory requirement to conform CAS to GAAP. The SDP reflects research
                accomplished to date by the Board in the respective subject area, and
                is issued by the Board in accordance with the requirements of 41 U.S.C.
                1502(c). Respondents are encouraged to provide comments to the
                questions raised by the Board, although the Board also welcomes
                identification and comment on any other important issues related to
                conformance of CAS to GAAP. The Board continues to be especially
                appreciative of comments and suggestions that attempt to consider the
                concerns of all parties to the contracting process.
                C. Public Comments
                 Interested persons are invited to participate by providing input
                with respect to conformance of CAS to GAAP. All comments must be in
                writing and submitted as instructed in the ADDRESSES section.
                 Please note that all comments received are subject to the Freedom
                of Information Act, considered public, and will be posted in their
                entirety, including any personal and/or business confidential
                information provided. Do not include any information you would not like
                to be made publically available.
                Lesley A. Field,
                Deputy Administrator.
                [FR Doc. 2019-04513 Filed 3-12-19; 8:45 am]
                 BILLING CODE 3110-01-P
                

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