Cost Accounting Standards: Cost Accounting Standards 412 and 413-Cost Accounting Standards Pension Harmonization Rule, 43542-43543 [2012-17265]
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Federal Register / Vol. 77, No. 143 / Wednesday, July 25, 2012 / Rules and Regulations
following four alternatives (among
others): ‘‘(1) The establishment of
differing compliance or reporting
requirements or timetables that take into
account the resources available to small
entities; (2) the clarification,
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compliance or reporting requirements
under the rule for small entities; (3) the
use of performance rather than design
standards; and (4) an exemption from
coverage of the rule, or any part thereof,
for small entities.’’ 5 U.S.C. 603(c)(1)–
(4).
24. The Commission considers the
requirements adopted in this document
as a means of achieving the public
policy goals of ensuring that TRS can
provide functionally equivalent
communication access and preventing
the misuse of IP Relay. As noted above,
although the impact of this document
will be for IP Relay providers to refuse
IP Relay service to new IP relay users
who are not qualified to receive IP Relay
service, IP Relay providers are already
required to refuse this service to
unqualified individuals. Since the new
requirements change the application of
existing compliance requirements, but
do not impose new compliance
requirements on small entities, the
Commission finds that it has minimized
significant economic impact on small
entities. The alternatives of either
retaining the requirement that providers
of IP Relay handle non-emergency IP
Relay calls for new registrants prior to
verification of registration information
or permitting the handling of such calls
at the election of the provider, would
not curb the misuse of IP Relay by new
registrants whose registration
information—due to the preexisting
guest user procedure—still requires
verification.
25. The Commission notes that by
reducing the misuse of IP Relay, these
new requirements will lessen an adverse
economic impact on small businesses.
Specifically, the new requirements will
protect many small businesses that may
be affected by illegitimate IP Relay calls.
For instance, small businesses are more
vulnerable to illegitimate IP Relay calls
involving fraudulent credit card
purchases because they often are not
aware that the credit cards are being
illegally used or are not equipped to
verify the credit card numbers. Because
these new requirements will prevent
unqualified individuals from placing IP
Relay calls, these requirements will
have the additional effect of reducing
the incidence of credit card fraud.
26. There are no Federal rules that
may duplicate, overlap, or conflict with
the new rules.
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Congressional Review Act
27. The Commission will send a copy
of document FCC 12–71 in a report to
be sent to Congress and the Government
Accountability Office pursuant to the
Congressional Review Act. 5 U.S.C.
801(a)(1)(A).
Ordering Clauses
28. Pursuant to sections 1, 4(i) and (j),
225, and 303(r) of the Communications
Act of 1934, as amended, 47 U.S.C. 151,
154(i) and (j), 225, and 303(r), and
§ 1.427 of the Commission’s rules, 47
CFR 1.427, document FCC 12–71 is
adopted.
Federal Communications Commission.
Marlene H. Dortch,
Secretary.
[FR Doc. 2012–18093 Filed 7–24–12; 8:45 am]
BILLING CODE 6712–01–P
OFFICE OF MANAGEMENT AND
BUDGET
Office of Federal Procurement Policy
48 CFR Part 9904
Cost Accounting Standards: Cost
Accounting Standards 412 and 413—
Cost Accounting Standards Pension
Harmonization Rule
Cost Accounting Standards
Board, Office of Federal Procurement
Policy, Office of Management and
Budget.
ACTION: Technical correcting
amendments.
AGENCY:
The Office of Federal
Procurement Policy (OFPP), Cost
Accounting Standards Board (Board), is
publishing technical corrections to the
final rule that revised Cost Accounting
Standard (CAS) 412, ‘‘Composition and
Measurement of Pension Cost,’’ and
CAS 413, ‘‘Adjustment and Allocation
of Pension Cost’’ for the CAS Pension
Harmonization Rule, published on
December 27, 2011. Some illustrations
in that document are not consistent with
their corresponding Table or text, or the
text used in the two effective date
provisions is not consistent with each
other in the amendment language. This
document corrects the final regulations
by revising the applicable sections
accordingly.
DATES: Effective August 24, 2012.
FOR FURTHER INFORMATION CONTACT: Eric
Shipley, Project Director, Cost
Accounting Standards Board (telephone:
410–786–6381).
SUPPLEMENTARY INFORMATION: These are
the technical corrections to the final
SUMMARY:
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rule that revised Cost Accounting
Standard (CAS) 412, ‘‘Composition and
Measurement of Pension Cost,’’ and
CAS 413, ‘‘Adjustment and Allocation
of Pension Cost’’ for the CAS Pension
Harmonization Rule. The final rule was
published at 76 FR 81296 on December
27, 2011. Generally, the technical
corrections make the following
adjustment: (1) Revise the text of the
illustrations to make them consistent
with the contents in the corresponding
Tables, (2) revise the text of the effective
date provisions at 9904.412–63 and
9904.413–63 to make them consistent
with each other and internally
consistent for the CAS Pension
Harmonization Rule, and (3) revise an
illustration so that it is consistent with
the rule. A brief description of each
technical correction is as follows:
1. In 9904.412–60.1, in paragraph
(b)(2)(i) (CAS Pension Harmonization
Rule, Measurement of Pension Costs,
Liabilities and Normal Costs), in Table
3—Actuarial Accrued Liabilities and
Normal Costs as of January 1, 2017,
delete a duplicate reference to Note 2 in
the ‘‘Notes’’ column for ‘‘Expense Load
on Normal Costs;’’ and in paragraph
(c)(3)(ii) (CAS Pension Harmonization
Rule, Assignment of Pension Costs,
Measurement of Tax-Deductible
Limitation on Assignable Pension Cost),
after Note 6 to Table 10, correct the
amounts of the 9904.412–50(c)(2)(iii)
limitation in the text of the illustration
so that they are consistent with the
corresponding amounts in Table 10—
CAS 412–50(c)(2)(iii) Tax-Deductible
Limitation as of January 1, 2017.
2. In 9904.412–63(b) Effective date in
the first sentence, replace ‘‘receipt’’ with
‘‘award’’ as that is the more common
terminology for a contract award, and
make the CAS 412 text consistent with
the corresponding text at 9904.413–
63(b) for a uniform Effective Date for the
CAS Pension Harmonization Rule
(which is comprised of changes to both
CAS 412 and 413).
3. In 9904.412–64.1(c)(1)(i)(B)
(Transition Method for the CAS Pension
Harmonization Rule, Transition
Illustration), correct the text of the
illustration so that it is consistent with
corresponding amounts in Table 1—
Development of Transitional Minimum
Actuarial Liability for Fourth Transition
Period; and in 9904.412–64.1(c)(1)(i)(C),
in Table 1—Development of
Transitional Minimum Actuarial
Liability for Fourth Transition Period,
add a new label ‘‘Actuarial Accrued
Liability’’ beneath the label ‘‘Minimum
Actuarial Liability.’’
4. In 9904.413–60(b)(3) (Illustrations,
Valuation of the assets of a pension
plan) after the first sentence, correct the
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25JYR1
Federal Register / Vol. 77, No. 143 / Wednesday, July 25, 2012 / Rules and Regulations
text of the illustration so that it is
consistent with the rule.
5. In 9904.413–63(b) Effective date in
the first sentence, replace ‘‘receipt’’ with
‘‘award’’ as that is the more common
terminology for a contract award, and
make the CAS 413 text consistent with
the corresponding text at 9904.412–
63(b) for a uniform Effective Date for the
CAS Pension Harmonization Rule
(which is comprised of changes to both
CAS 412 and 413).
List of Subjects in 48 CFR Part 9904
Government procurement, Cost
accounting standards.
Accordingly, Chapter 99 of Title 48 of
the Code of Federal Regulations is
corrected by making the following
correcting amendments:
PART 9904—COST ACCOUNTING
STANDARDS
1. The authority citation for part 9904
continues to read as follows:
■
Authority: Pub. L. 111–350, 124 Stat. 3677,
41 U.S.C. 1502 [formerly Pub. L. 100–679,
102 Stat 4056, 41 U.S.C. 422].
9904.412–60.1
[Amended]
2. Amend 9904.412–60.1 as follows:
a. In paragraph (b)(2)(i), Table 3, in the
column labeled ‘‘Notes,’’ under the
entry ‘‘Expense Load on Normal Cost,’’
remove the first ‘‘2’’.
■ b. In paragraph (c)(3)(ii), in the first
sentence, remove ‘‘$2,716,649’’ and add
‘‘$2,741,313’’ in its place; and in the
second sentence, remove ‘‘$12,958,048’’
and add ‘‘$12,933,384 in its place.
■ 3. In 9904.412.63(b), revise the first
sentence to read as follows:
TKELLEY on DSK3SPTVN1PROD with RULES
■
■
VerDate Mar<15>2010
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Jkt 226001
9904.412–63
Effective Date.
*
*
*
*
*
(b) Following the award of a contract
or subcontract subject to this Standard
on or after the Effective Date,
contractors shall follow this Standard,
as amended, beginning with its next
cost accounting period beginning after
the later of the Implementation Date or
the award date of a contract or
subcontract to which this Standard is
applicable. * * *
*
*
*
*
*
9904.412–64.1
[Amended]
4. Amend 9904.412–64.1 as follows:
a. In paragraph (c)(1)(i)(B), in the
second sentence, remove ‘‘$14,115,200
($14,087,750 + [75% × ($183,000)])’’ and
add ‘‘$14,087,750 ($14,225,000 + [75%
× ($183,000)])’’ in its place; and
■ b. In paragraph (c)(1)(i)(C), in Table
1—Development of Transitional
Minimum Actuarial Liability for Fourth
Transition Period, add a new label
‘‘Actuarial Accrued Liability’’ beneath
the label ‘‘Minimum Actuarial Liability’’
in the same format as the other labels,
and on the same line as the entries
‘‘(2,100,000)’’ and ‘‘(14,225,000)’’ under
the headings ‘‘Segment1’’ and
‘‘Segments 2 through 7,’’ respectively.
■ 5. In 9904.413.60(b)(3), revise the
second, third, and fourth sentences to
read as follows:
■
■
9904.413–60
Illustrations.
*
*
*
*
*
(b) * * *
(3) * * * Based on the contractor’s
assumed interest rate of 8% which
complies with 9904.412–40(b)(2) and
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43543
9904.412.–50(b)(5), the contribution is
discounted for the six-month period
from January 1, 2017 to July 1, 2017. For
contract cost accounting purposes, the
contractor measures $96,225 as the
present value (PV) of the $100,000
contribution on January 1, 2017
(discounted at 8% per annum for one
half year using compound interest, i.e.,
Net PV = $100,000/1.080.5), and
therefore recognizes $10,096,225 as the
market value of assets as required by
9904.413–50(b)(6)(ii). The actuarial
value of assets on January 1, 2017, must
also reflect $96,225 as the present value
of the July 1, 2017, contribution of
$100,000.
*
*
*
*
*
6. In 9904.413.63(b), revise the first
sentence to read as follows:
■
9904.413–63
Effective Date.
*
*
*
*
*
(b) Following the award of a contract
or subcontract subject to this Standard
on or after the Effective Date,
contractors shall follow this Standard,
as amended, beginning with its next
cost accounting period beginning after
the later of the Implementation Date or
the award date of a contract or
subcontract to which this Standard is
applicable. * * *
*
*
*
*
*
Joseph G. Jordan,
Chair, Cost Accounting Standards Board.
[FR Doc. 2012–17265 Filed 7–24–12; 8:45 am]
BILLING CODE 3110–01–P
E:\FR\FM\25JYR1.SGM
25JYR1
]]>Agencies
[Federal Register Volume 77, Number 143 (Wednesday, July 25, 2012)]
[Rules and Regulations]
[Pages 43542-43543]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17265]
=======================================================================
-----------------------------------------------------------------------
OFFICE OF MANAGEMENT AND BUDGET
Office of Federal Procurement Policy
48 CFR Part 9904
Cost Accounting Standards: Cost Accounting Standards 412 and
413--Cost Accounting Standards Pension Harmonization Rule
AGENCY: Cost Accounting Standards Board, Office of Federal Procurement
Policy, Office of Management and Budget.
ACTION: Technical correcting amendments.
-----------------------------------------------------------------------
SUMMARY: The Office of Federal Procurement Policy (OFPP), Cost
Accounting Standards Board (Board), is publishing technical corrections
to the final rule that revised Cost Accounting Standard (CAS) 412,
``Composition and Measurement of Pension Cost,'' and CAS 413,
``Adjustment and Allocation of Pension Cost'' for the CAS Pension
Harmonization Rule, published on December 27, 2011. Some illustrations
in that document are not consistent with their corresponding Table or
text, or the text used in the two effective date provisions is not
consistent with each other in the amendment language. This document
corrects the final regulations by revising the applicable sections
accordingly.
DATES: Effective August 24, 2012.
FOR FURTHER INFORMATION CONTACT: Eric Shipley, Project Director, Cost
Accounting Standards Board (telephone: 410-786-6381).
SUPPLEMENTARY INFORMATION: These are the technical corrections to the
final rule that revised Cost Accounting Standard (CAS) 412,
``Composition and Measurement of Pension Cost,'' and CAS 413,
``Adjustment and Allocation of Pension Cost'' for the CAS Pension
Harmonization Rule. The final rule was published at 76 FR 81296 on
December 27, 2011. Generally, the technical corrections make the
following adjustment: (1) Revise the text of the illustrations to make
them consistent with the contents in the corresponding Tables, (2)
revise the text of the effective date provisions at 9904.412-63 and
9904.413-63 to make them consistent with each other and internally
consistent for the CAS Pension Harmonization Rule, and (3) revise an
illustration so that it is consistent with the rule. A brief
description of each technical correction is as follows:
1. In 9904.412-60.1, in paragraph (b)(2)(i) (CAS Pension
Harmonization Rule, Measurement of Pension Costs, Liabilities and
Normal Costs), in Table 3--Actuarial Accrued Liabilities and Normal
Costs as of January 1, 2017, delete a duplicate reference to Note 2 in
the ``Notes'' column for ``Expense Load on Normal Costs;'' and in
paragraph (c)(3)(ii) (CAS Pension Harmonization Rule, Assignment of
Pension Costs, Measurement of Tax-Deductible Limitation on Assignable
Pension Cost), after Note 6 to Table 10, correct the amounts of the
9904.412-50(c)(2)(iii) limitation in the text of the illustration so
that they are consistent with the corresponding amounts in Table 10--
CAS 412-50(c)(2)(iii) Tax-Deductible Limitation as of January 1, 2017.
2. In 9904.412-63(b) Effective date in the first sentence, replace
``receipt'' with ``award'' as that is the more common terminology for a
contract award, and make the CAS 412 text consistent with the
corresponding text at 9904.413-63(b) for a uniform Effective Date for
the CAS Pension Harmonization Rule (which is comprised of changes to
both CAS 412 and 413).
3. In 9904.412-64.1(c)(1)(i)(B) (Transition Method for the CAS
Pension Harmonization Rule, Transition Illustration), correct the text
of the illustration so that it is consistent with corresponding amounts
in Table 1--Development of Transitional Minimum Actuarial Liability for
Fourth Transition Period; and in 9904.412-64.1(c)(1)(i)(C), in Table
1--Development of Transitional Minimum Actuarial Liability for Fourth
Transition Period, add a new label ``Actuarial Accrued Liability''
beneath the label ``Minimum Actuarial Liability.''
4. In 9904.413-60(b)(3) (Illustrations, Valuation of the assets of
a pension plan) after the first sentence, correct the
[[Page 43543]]
text of the illustration so that it is consistent with the rule.
5. In 9904.413-63(b) Effective date in the first sentence, replace
``receipt'' with ``award'' as that is the more common terminology for a
contract award, and make the CAS 413 text consistent with the
corresponding text at 9904.412-63(b) for a uniform Effective Date for
the CAS Pension Harmonization Rule (which is comprised of changes to
both CAS 412 and 413).
List of Subjects in 48 CFR Part 9904
Government procurement, Cost accounting standards.
Accordingly, Chapter 99 of Title 48 of the Code of Federal
Regulations is corrected by making the following correcting amendments:
PART 9904--COST ACCOUNTING STANDARDS
0
1. The authority citation for part 9904 continues to read as follows:
Authority: Pub. L. 111-350, 124 Stat. 3677, 41 U.S.C. 1502
[formerly Pub. L. 100-679, 102 Stat 4056, 41 U.S.C. 422].
9904.412-60.1 [Amended]
0
2. Amend 9904.412-60.1 as follows:
0
a. In paragraph (b)(2)(i), Table 3, in the column labeled ``Notes,''
under the entry ``Expense Load on Normal Cost,'' remove the first
``2''.
0
b. In paragraph (c)(3)(ii), in the first sentence, remove
``$2,716,649'' and add ``$2,741,313'' in its place; and in the second
sentence, remove ``$12,958,048'' and add ``$12,933,384 in its place.
0
3. In 9904.412.63(b), revise the first sentence to read as follows:
9904.412-63 Effective Date.
* * * * *
(b) Following the award of a contract or subcontract subject to
this Standard on or after the Effective Date, contractors shall follow
this Standard, as amended, beginning with its next cost accounting
period beginning after the later of the Implementation Date or the
award date of a contract or subcontract to which this Standard is
applicable. * * *
* * * * *
9904.412-64.1 [Amended]
0
4. Amend 9904.412-64.1 as follows:
0
a. In paragraph (c)(1)(i)(B), in the second sentence, remove
``$14,115,200 ($14,087,750 + [75% x ($183,000)])'' and add
``$14,087,750 ($14,225,000 + [75% x ($183,000)])'' in its place; and
0
b. In paragraph (c)(1)(i)(C), in Table 1--Development of Transitional
Minimum Actuarial Liability for Fourth Transition Period, add a new
label ``Actuarial Accrued Liability'' beneath the label ``Minimum
Actuarial Liability'' in the same format as the other labels, and on
the same line as the entries ``(2,100,000)'' and ``(14,225,000)'' under
the headings ``Segment1'' and ``Segments 2 through 7,'' respectively.
0
5. In 9904.413.60(b)(3), revise the second, third, and fourth sentences
to read as follows:
9904.413-60 Illustrations.
* * * * *
(b) * * *
(3) * * * Based on the contractor's assumed interest rate of 8%
which complies with 9904.412-40(b)(2) and 9904.412.-50(b)(5), the
contribution is discounted for the six-month period from January 1,
2017 to July 1, 2017. For contract cost accounting purposes, the
contractor measures $96,225 as the present value (PV) of the $100,000
contribution on January 1, 2017 (discounted at 8% per annum for one
half year using compound interest, i.e., Net PV = $100,000/1.08\0.5\),
and therefore recognizes $10,096,225 as the market value of assets as
required by 9904.413-50(b)(6)(ii). The actuarial value of assets on
January 1, 2017, must also reflect $96,225 as the present value of the
July 1, 2017, contribution of $100,000.
* * * * *
0
6. In 9904.413.63(b), revise the first sentence to read as follows:
9904.413-63 Effective Date.
* * * * *
(b) Following the award of a contract or subcontract subject to
this Standard on or after the Effective Date, contractors shall follow
this Standard, as amended, beginning with its next cost accounting
period beginning after the later of the Implementation Date or the
award date of a contract or subcontract to which this Standard is
applicable. * * *
* * * * *
Joseph G. Jordan,
Chair, Cost Accounting Standards Board.
[FR Doc. 2012-17265 Filed 7-24-12; 8:45 am]
BILLING CODE 3110-01-P
