Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References, 8989-8990 [2011-3354]

Download as PDF Federal Register / Vol. 76, No. 32 / Wednesday, February 16, 2011 / Proposed Rules Flooding source(s) * Elevation in feet (NGVD) + Elevation in feet (NAVD) # Depth in feet above ground ∧ Elevation in meters (MSL) Location of referenced elevation ** Effective Maps are available for City of Bellevue Maps are available for City of Kent Maps are available for City of Renton Maps are available for City of SeaTac Maps are available for City of Tukwila Maps are available for Muckleshoot Tribe Maps are available for 8989 Communities affected Modified inspection at 25 West Main Street, Auburn, WA 98001. inspection at 450 110th Avenue Northeast, Bellevue, WA 98009. inspection at 220 4th Avenue South, Kent, WA 98032. inspection at 1055 South Grady Way, Renton, WA 98057. inspection at 4800 South 188th Street, SeaTac, WA 98188. inspection at 6200 Southcenter Boulevard, Tukwila, WA 98188. inspection at 39015 172nd Avenue Southeast, Auburn, WA 98092. Unincorporated Areas of King County Maps are available for inspection at 900 Oaksdale Avenue Southwest, Renton, WA 98057. (Catalog of Federal Domestic Assistance No. 97.022, ‘‘Flood Insurance.’’) Dated: February 7, 2011. Sandra K. Knight, Deputy Federal Insurance and Mitigation Administrator, Mitigation, Department of Homeland Security, Federal Emergency Management Agency. [FR Doc. 2011–3509 Filed 2–15–11; 8:45 am] BILLING CODE 9110–12–P DEPARTMENT OF DEFENSE GENERAL SERVICES ADMINISTRATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION 48 CFR Parts 31 and 52 [FAR Case 2010–005; Docket 2010–0005; Sequence 1] RIN 9000–AM00 Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA). ACTION: Proposed rule. erowe on DSK5CLS3C1PROD with PROPOSALS-1 AGENCIES: DoD, GSA, and NASA are proposing to amend the Federal Acquisition Regulation (FAR) to update references to authoritative accounting standards owing to the Financial Accounting Standards Board’s (FASB’s) SUMMARY: VerDate Mar<15>2010 15:27 Feb 15, 2011 Jkt 223001 Accounting Standards Codification (ASC) of Generally Accepted Accounting Principles (GAAP) (‘‘Codification of GAAP’’). DATES: Interested parties should submit written comments to the Regulatory Secretariat at one of the addressees shown below on or before April 18, 2011 to be considered in the formation of the final rule. ADDRESSES: Submit comments in response to FAR case 2010–005 by any of the following methods: • Regulations.gov: http:// www.regulations.gov. Submit comments via the Federal eRulemaking portal by inputting ‘‘FAR Case 2010–005’’ under the heading ‘‘Enter Keyword or ID’’ and selecting ‘‘Search.’’ Select the link ‘‘Submit a Comment’’ that corresponds with ‘‘FAR Case 2010–005.’’ Follow the instructions provided at the ‘‘Submit a Comment’’ screen. Please include your name, company name (if any), and ‘‘FAR Case 2010–005’’ on your attached document. • Fax: (202) 501–4067. • Mail: General Services Administration, Regulatory Secretariat (MVCB), ATTN: Hada Flowers, 1275 First Street, NE., 7th Floor, Washington, DC 20417. Instructions: Please submit comments only and cite FAR Case 2010–005, in all correspondence related to this case. All comments received will be posted without change to http:// www.regulations.gov, including any personal and/or business confidential information provided. FOR FURTHER INFORMATION CONTACT: Mr. Edward N. Chambers, Procurement PO 00000 Frm 00073 Fmt 4702 Sfmt 4702 Analyst, at (202) 501–3221 for clarification of content. For information pertaining to status or publication schedules, contact the Regulatory Secretariat at (202) 501–4755. Please cite FAR Case 2010–005. SUPPLEMENTARY INFORMATION: I. Background In June of 2009, the FASB announced, in its Statement Number 168, that effective for financial statements issued for interim and annual periods ending after September 15, 2009, the FASB ASC would become the source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. The FASB stated that this codification supersedes existing references in U.S. GAAP. Consequently, DoD, GSA, and NASA are updating the superseded references in three FAR sections with the GAAP Codification references. The revisions to the three FAR sections are intended to have no effect other than to simply replace the superseded references with updated references. The references to the prior GAAP in FAR 31.205– 6(o)(2)(iii)(A)(1) will be handled in a separate FAR case. II. Executive Order 12866 This is not a significant regulatory action and, therefore, was not subject to review under Section 6(b) of Executive Order 12866, Regulatory Planning and Review, dated September 30, 1993. This rule is not a major rule under 5 U.S.C. 804. E:\FR\FM\16FEP1.SGM 16FEP1 8990 Federal Register / Vol. 76, No. 32 / Wednesday, February 16, 2011 / Proposed Rules III. Regulatory Flexibility Act DoD, GSA, and NASA do not expect this proposed rule to have a significant economic impact on a substantial number of small entities within the meaning of the Regulatory Flexibility Act, 5 U.S.C. 601, et seq., because the rule merely updates references to authoritative accounting standards owing to the FASB’s GAAP Accounting Standard Codification. Therefore, an Initial Regulatory Flexibility Analysis has not been performed. DoD, GSA, and NASA invite comments from small business concerns and other interested parties on the expected impact of this rule on small entities. DoD, GSA, and NASA will also consider comments from small entities concerning the existing regulations in subparts affected by the rule in accordance with 5 U.S.C. 610. Interested parties must submit such comments separately and should cite 5 U.S.C. 610 (FAR Case 2010–005), in correspondence. IV. Paperwork Reduction Act The proposed rule does not contain any information collection requirements that require the approval of the Office of Management and Budget under the Paperwork Reduction Act (44 U.S.C. chapter 35). List of Subjects in 48 CFR Parts 31 and 52 Government procurement. Dated: February 8, 2011. Millisa Gary, Acting Director, Office of Governmentwide Acquisition Policy. Therefore, DoD, GSA, and NASA propose amending 48 CFR parts 31 and 52 as set forth below: 1. The authority citation for 48 CFR parts 31 and 52 continues to read as follows: leases be treated as purchased assets, i.e., be capitalized, and the capitalized value of such assets be distributed over their useful lives as depreciation charges or over the leased life as amortization charges, as appropriate, except that— * * * * * 3. Amend section 31.205–36 by revising paragraph (a) to read as follows: 31.205–36 PART 52—SOLICITATION PROVISIONS AND CONTRACT CLAUSES erowe on DSK5CLS3C1PROD with PROPOSALS-1 VerDate Mar<15>2010 15:27 Feb 15, 2011 Jkt 223001 * * (a) * * * (2) * * * (i) 52.204–10, Reporting Executive Compensation and First-Tier Subcontract Awards (Date) (Pub. L. 109–282) (31 U.S.C. 6101 note). * * * * * [FR Doc. 2011–3354 Filed 2–15–11; 8:45 am] BILLING CODE 6820–EP–P DEPARTMENT OF TRANSPORTATION RIN 2126–AB26 * * * * * Reporting Executive Compensation and First-Tier Subcontract Awards (Date) (a) * * * Total compensation * * * (2) Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC) 718, Compensation-Stock Compensation. * * Depreciation. * 52.204–10 Reporting Executive Compensation and First-Tier Subcontract Awards. 52.212–5 Contract Terms and Conditions Required To Implement Statutes or Executive Orders—Commercial Items. * * * * (h) A ‘‘capital lease,’’ as defined in Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC) 840, Leases, is subject to the requirements of this cost principle. (See 31.205–36 for Operating Leases.) FASB ASC 840 requires that capital * Terms and Conditions—Simplified Acquisitions (Other Than Commercial Items) (Date) Federal Motor Carrier Safety Administration PART 31—CONTRACT COST PRINCIPLES AND PROCEDURES * * 4. Amend section 52.204–10 by revising the date of the clause and in paragraph (a), in the definition ‘‘Total compensation’’, revising paragraph (2) to read as follows: Authority: 40 U.S.C. 121(c); 10 U.S.C. chapter 137; and 42 U.S.C. 2473(c). 31.205–11 52.213–4 Terms and Conditions— Simplified Acquisitions (Other Than Commercial Items). Rental costs. (a) This section is applicable to the cost of renting or leasing real or personal property acquired under ‘‘operating leases’’ as defined in Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC) 840, Leases. (See 31.205–11 for Capital Leases.) * * * * * * * * * 5. Amend section 52.212–5 by revising the date of the clause and paragraph (b)(4) to read as follows: 2. Amend section 31.205–11 by revising the introductory text of paragraph (h) to read as follows: 6. Amend section 52.213–4 by revising the date of the clause and paragraph (a)(2)(i) to read as follows: * * * * Contract Terms and Conditions Required To Implement Statutes or Executive Orders—Commercial Items (Date) * * * * * (b) * * * ll (4) 52.204–10, Reporting Executive Compensation and First-Tier Subcontract Awards (Date) (Pub. L. 109–282) (31 U.S.C. 6101 note). * PO 00000 * * Frm 00074 * Fmt 4702 * Sfmt 4702 49 CFR Parts 385, 386, 390, and 395 [Docket No. FMCSA–2004–19608] Hours of Service of Drivers; Availability of Supplemental Documents and Corrections to Notice of Proposed Rulemaking Federal Motor Carrier Safety Administration (FMCSA), DOT. ACTION: Notice of Proposed Rulemaking; notice of availability of supplemental documents and corrections; extension of comment period. AGENCY: This document advises the public that FMCSA has placed in the public docket three additional documents concerning hours of service (HOS) for commercial motor vehicle drivers. This notice also makes clerical corrections to both the preamble and the regulatory text of FMCSA’s notice of proposed rulemaking (NPRM) on HOS requirements, which was published in the Federal Register on December 29, 2010. Finally, the notice extends the public comment period for the NPRM from February 28, 2011 to March 4, 2011. DATES: Comments on the NPRM are due by March 4, 2011. FOR FURTHER INFORMATION CONTACT: Mr. Thomas Yager, Chief, Driver and Carrier Operations Division, Federal Motor Carrier Safety Administration, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Washington, DC 20590, (202) 366–4325. SUMMARY: E:\FR\FM\16FEP1.SGM 16FEP1

Agencies

[Federal Register Volume 76, Number 32 (Wednesday, February 16, 2011)]
[Proposed Rules]
[Pages 8989-8990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-3354]


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DEPARTMENT OF DEFENSE

GENERAL SERVICES ADMINISTRATION

NATIONAL AERONAUTICS AND SPACE ADMINISTRATION

48 CFR Parts 31 and 52

[FAR Case 2010-005; Docket 2010-0005; Sequence 1]
RIN 9000-AM00


Federal Acquisition Regulation; Updated Financial Accounting 
Standards Board Accounting References

AGENCIES: Department of Defense (DoD), General Services Administration 
(GSA), and National Aeronautics and Space Administration (NASA).

ACTION: Proposed rule.

-----------------------------------------------------------------------

SUMMARY: DoD, GSA, and NASA are proposing to amend the Federal 
Acquisition Regulation (FAR) to update references to authoritative 
accounting standards owing to the Financial Accounting Standards 
Board's (FASB's) Accounting Standards Codification (ASC) of Generally 
Accepted Accounting Principles (GAAP) (``Codification of GAAP'').

DATES: Interested parties should submit written comments to the 
Regulatory Secretariat at one of the addressees shown below on or 
before April 18, 2011 to be considered in the formation of the final 
rule.

ADDRESSES: Submit comments in response to FAR case 2010-005 by any of 
the following methods:
     Regulations.gov: http://www.regulations.gov. Submit 
comments via the Federal eRulemaking portal by inputting ``FAR Case 
2010-005'' under the heading ``Enter Keyword or ID'' and selecting 
``Search.'' Select the link ``Submit a Comment'' that corresponds with 
``FAR Case 2010-005.'' Follow the instructions provided at the ``Submit 
a Comment'' screen. Please include your name, company name (if any), 
and ``FAR Case 2010-005'' on your attached document.
     Fax: (202) 501-4067.
     Mail: General Services Administration, Regulatory 
Secretariat (MVCB), ATTN: Hada Flowers, 1275 First Street, NE., 7th 
Floor, Washington, DC 20417.
    Instructions: Please submit comments only and cite FAR Case 2010-
005, in all correspondence related to this case. All comments received 
will be posted without change to http://www.regulations.gov, including 
any personal and/or business confidential information provided.

FOR FURTHER INFORMATION CONTACT: Mr. Edward N. Chambers, Procurement 
Analyst, at (202) 501-3221 for clarification of content. For 
information pertaining to status or publication schedules, contact the 
Regulatory Secretariat at (202) 501-4755. Please cite FAR Case 2010-
005.

SUPPLEMENTARY INFORMATION:

I. Background

    In June of 2009, the FASB announced, in its Statement Number 168, 
that effective for financial statements issued for interim and annual 
periods ending after September 15, 2009, the FASB ASC would become the 
source of authoritative U.S. GAAP recognized by the FASB to be applied 
by nongovernmental entities. The FASB stated that this codification 
supersedes existing references in U.S. GAAP. Consequently, DoD, GSA, 
and NASA are updating the superseded references in three FAR sections 
with the GAAP Codification references. The revisions to the three FAR 
sections are intended to have no effect other than to simply replace 
the superseded references with updated references. The references to 
the prior GAAP in FAR 31.205-6(o)(2)(iii)(A)(1) will be handled in a 
separate FAR case.

II. Executive Order 12866

    This is not a significant regulatory action and, therefore, was not 
subject to review under Section 6(b) of Executive Order 12866, 
Regulatory Planning and Review, dated September 30, 1993. This rule is 
not a major rule under 5 U.S.C. 804.

[[Page 8990]]

III. Regulatory Flexibility Act

    DoD, GSA, and NASA do not expect this proposed rule to have a 
significant economic impact on a substantial number of small entities 
within the meaning of the Regulatory Flexibility Act, 5 U.S.C. 601, et 
seq., because the rule merely updates references to authoritative 
accounting standards owing to the FASB's GAAP Accounting Standard 
Codification.
    Therefore, an Initial Regulatory Flexibility Analysis has not been 
performed. DoD, GSA, and NASA invite comments from small business 
concerns and other interested parties on the expected impact of this 
rule on small entities.
    DoD, GSA, and NASA will also consider comments from small entities 
concerning the existing regulations in subparts affected by the rule in 
accordance with 5 U.S.C. 610. Interested parties must submit such 
comments separately and should cite 5 U.S.C. 610 (FAR Case 2010-005), 
in correspondence.

IV. Paperwork Reduction Act

    The proposed rule does not contain any information collection 
requirements that require the approval of the Office of Management and 
Budget under the Paperwork Reduction Act (44 U.S.C. chapter 35).

List of Subjects in 48 CFR Parts 31 and 52

    Government procurement.

    Dated: February 8, 2011.
Millisa Gary,
Acting Director, Office of Governmentwide Acquisition Policy.

    Therefore, DoD, GSA, and NASA propose amending 48 CFR parts 31 and 
52 as set forth below:
    1. The authority citation for 48 CFR parts 31 and 52 continues to 
read as follows:

    Authority:  40 U.S.C. 121(c); 10 U.S.C. chapter 137; and 42 
U.S.C. 2473(c).

PART 31--CONTRACT COST PRINCIPLES AND PROCEDURES

    2. Amend section 31.205-11 by revising the introductory text of 
paragraph (h) to read as follows:


31.205-11  Depreciation.

* * * * *
    (h) A ``capital lease,'' as defined in Financial Accounting 
Standards Board's Accounting Standards Codification (FASB ASC) 840, 
Leases, is subject to the requirements of this cost principle. (See 
31.205-36 for Operating Leases.) FASB ASC 840 requires that capital 
leases be treated as purchased assets, i.e., be capitalized, and the 
capitalized value of such assets be distributed over their useful lives 
as depreciation charges or over the leased life as amortization 
charges, as appropriate, except that--
* * * * *
    3. Amend section 31.205-36 by revising paragraph (a) to read as 
follows:


31.205-36  Rental costs.

    (a) This section is applicable to the cost of renting or leasing 
real or personal property acquired under ``operating leases'' as 
defined in Financial Accounting Standards Board's Accounting Standards 
Codification (FASB ASC) 840, Leases. (See 31.205-11 for Capital 
Leases.)
* * * * *

PART 52--SOLICITATION PROVISIONS AND CONTRACT CLAUSES

    4. Amend section 52.204-10 by revising the date of the clause and 
in paragraph (a), in the definition ``Total compensation'', revising 
paragraph (2) to read as follows:


52.204-10  Reporting Executive Compensation and First-Tier Subcontract 
Awards.

* * * * *

Reporting Executive Compensation and First-Tier Subcontract Awards 
(Date)

    (a) * * *
    Total compensation * * *
    (2) Awards of stock, stock options, and stock appreciation 
rights. Use the dollar amount recognized for financial statement 
reporting purposes with respect to the fiscal year in accordance 
with the Financial Accounting Standards Board's Accounting Standards 
Codification (FASB ASC) 718, Compensation-Stock Compensation.

* * * * *
    5. Amend section 52.212-5 by revising the date of the clause and 
paragraph (b)(4) to read as follows:


52.212-5  Contract Terms and Conditions Required To Implement Statutes 
or Executive Orders--Commercial Items.

* * * * *

Contract Terms and Conditions Required To Implement Statutes or 
Executive Orders--Commercial Items (Date)

* * * * *
    (b) * * *
    ---- (4) 52.204-10, Reporting Executive Compensation and First-
Tier Subcontract Awards (Date) (Pub. L. 109-282) (31 U.S.C. 6101 
note).
* * * * *
    6. Amend section 52.213-4 by revising the date of the clause and 
paragraph (a)(2)(i) to read as follows:


52.213-4  Terms and Conditions--Simplified Acquisitions (Other Than 
Commercial Items).

* * * * *

Terms and Conditions--Simplified Acquisitions (Other Than Commercial 
Items) (Date)

    (a) * * *
    (2) * * *
    (i) 52.204-10, Reporting Executive Compensation and First-Tier 
Subcontract Awards (Date) (Pub. L. 109-282) (31 U.S.C. 6101 note).
* * * * *

[FR Doc. 2011-3354 Filed 2-15-11; 8:45 am]
BILLING CODE 6820-EP-P