Cost Accounting Standards Board Meeting Agenda, 15818 [2020-05687]

Download as PDF 15818 Federal Register / Vol. 85, No. 54 / Thursday, March 19, 2020 / Notices solicited views with respect to the Board’s statutory requirement to review CAS and conform them, where practicable, to GAAP. Respondents were invited to comment on the following six matters: (1) The guiding principles proposed for evaluating the benefits and drawbacks of conforming CAS to GAAP; (2) a roadmap for prioritizing action and explanation of where action may not be beneficial; (3) a template for crosswalking CAS coverage to corresponding GAAP coverage; (4) whether revision to the CAS contract clause found at 9903.201–4, Contract clauses, may be necessary if requirements in the standards are eliminated; (5) the initial analysis of CAS 408, Accounting for Costs of Compensated Personal Absence, and 409, Cost Accounting Standard Depreciation of Tangible Capital Assets, including the Board’s preliminary observations and specific questions for public feedback; and (6) where CAS may need to be modified to conform to changes to GAAP that occurred after a related CAS was promulgated, with an initial focus on lease accounting and operating revenue recognition. The notice being released today relates to respondents’ comments on the first four matters enumerated above. The Board plans to address the last two items with separate advanced notices of proposed rulemaking. Michael E. Wooten, Administrator for Federal Procurement Policy, and Chairman, Cost Accounting Standards Board. [FR Doc. 2020–05737 Filed 3–18–20; 8:45 am] BILLING CODE 3110–01–P OFFICE OF MANAGEMENT AND BUDGET Office of Federal Procurement Policy Cost Accounting Standards Board Meeting Agenda Cost Accounting Standards Board, Office Federal Procurement Policy, Office of Management and Budget. AGENCY: Notice of agenda for closed Cost Accounting Standards Board meetings. ACTION: The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (CAS Board) is publishing this notice to advise the public of its winter meetings. The notice is published pursuant to section 820(a) of the National Defense Authorization Act (NDAA) for Fiscal Year (FY) 2017, which requires the CAS Board to publish agendas of its meetings jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:05 Mar 18, 2020 Jkt 250001 in the Federal Register. The meetings are closed to the public. DATES: March 19, 2020. ADDRESSES: New Executive Office Building, 725 17th Street NW, Washington, DC 20503 FOR FURTHER INFORMATION CONTACT: Raymond Wong, Staff Director, Cost Accounting Standards Board (telephone: 202–395–6805; email: rwong@ omb.eop.gov). SUPPLEMENTARY INFORMATION: The CAS Board is issuing this notice for public awareness of a meeting held on February 20, 2020 and a meeting upcoming on March 19, 2020. The list of agenda items for these meetings is set forth below. While CAS Board meetings are closed to the public, the Board welcomes comments and inquiries, which may be directed to the staff director using the contact information provided above. Agenda for CAS Board Meetings on February 20, 2020 and March 19, 2020 1. Conformance of CAS to Generally Accepted Accounting Principles (GAAP). Section 820 requires the CAS Board to review and conform CAS, where practicable, to GAAP. In furtherance of section 820, the CAS Board will discuss the following tentatively planned actions, taking into account comments received in response to the staff discussion paper (SDP) it published on March 13, 2019 (84 FR 9143): (1) An advanced notice of proposed rulemaking (ANPRM) on conformance of CAS 408, Accounting for Costs of Compensated Personal Absence, and CAS 409, Cost Accounting Standard Depreciation of Tangible Capital Assets, to GAAP. More generally, the Board will discuss whether and when conformance of CAS to GAAP might be considered a cost accounting practice change. 2. Application of CAS to indefinite delivery vehicles (IDVs) and hybrid contracts. The Board will revisit recommendations pertaining to the treatment of IDVs and hybrid contracts made by the Advisory Panel on Streamlining Acquisition Regulations established by section 809 of the FY 2016 National Defense Authorization Act (the Panel). In its June 2018 report, the Panel recommended that the Board amend its regulations to state that the CAS applicability determination be made separately for each order, rather than at the time the IDV contract is first awarded. The Panel suggested that this clarification can help to avoid confusion caused by inclusion of the CAS clause ‘‘based on the prospect (however unlikely) of obtaining certified cost or PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 pricing data at order placement.’’ For hybrid contracts, the Panel recommended that the CAS exemption be applied to any portion of a contract or subcontract where CAS would not apply if that portion were awarded as a separate contract or subcontract. 3. Waivers. Section 820 of the FY 2017 NDAA amended section 1502(b)(3)(A) of title 41 of the United States Code to raise the threshold under which CAS may be waived if the business unit of the contractor or subcontractor that will perform the work is primarily engaged in the sale of commercial items and would not otherwise be subject to CAS. Section 820 raised the threshold from $15 million to $100 million. The Board will discuss a rulemaking to amend the CAS to reflect this statutory threshold change. 4. CAS Board Annual Report for Fiscal Year 2019. Section 820 amended 41 U.S.C. 1501(e) to require the Board to annually submit a report to Congress on the actions taken by the 5. Board during the prior year. The Board will discuss its first annual report to Congress. Michael E. Wooten, Administrator for Federal Procurement Policy, and Chair, Cost Accounting Standards Board. [FR Doc. 2020–05687 Filed 3–18–20; 8:45 am] BILLING CODE 3110–01–P NATIONAL SCIENCE FOUNDATION Notice of Meeting for Advisory Committee for Engineering Request change in published advisory committee meeting dates and attendance type; corrected. ACTION: The National Science Foundation (NSF) published a document in the Federal Register of March 12, 2020, concerning a 2-day, inperson advisory committee meeting for the Advisory Committee for Engineering. The advisory committee meeting will be reduced to a 1-day virtual session taking place on April 7, 2020. SUMMARY: Correction In the Federal Register published March 12, 2020, in FR Doc. 2020–05032 (Filed 3–11–20), on page 14509–14510, third column, Date and Time Section, please change the date to April 7, 2020; 10:30 a.m.–4:30 p.m. (VIRTUAL). For Further information, please contact Crystal Robinson, crrobins@ nsf.gov or 703–292–8687. E:\FR\FM\19MRN1.SGM 19MRN1

Agencies

[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Page 15818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05687]


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OFFICE OF MANAGEMENT AND BUDGET

Office of Federal Procurement Policy


Cost Accounting Standards Board Meeting Agenda

AGENCY: Cost Accounting Standards Board, Office Federal Procurement 
Policy, Office of Management and Budget.

ACTION: Notice of agenda for closed Cost Accounting Standards Board 
meetings.

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SUMMARY: The Office of Federal Procurement Policy (OFPP), Cost 
Accounting Standards Board (CAS Board) is publishing this notice to 
advise the public of its winter meetings. The notice is published 
pursuant to section 820(a) of the National Defense Authorization Act 
(NDAA) for Fiscal Year (FY) 2017, which requires the CAS Board to 
publish agendas of its meetings in the Federal Register. The meetings 
are closed to the public.

DATES: March 19, 2020.

ADDRESSES: New Executive Office Building, 725 17th Street NW, 
Washington, DC 20503

FOR FURTHER INFORMATION CONTACT: Raymond Wong, Staff Director, Cost 
Accounting Standards Board (telephone: 202-395-6805; email: 
[email protected]).

SUPPLEMENTARY INFORMATION:  The CAS Board is issuing this notice for 
public awareness of a meeting held on February 20, 2020 and a meeting 
upcoming on March 19, 2020. The list of agenda items for these meetings 
is set forth below. While CAS Board meetings are closed to the public, 
the Board welcomes comments and inquiries, which may be directed to the 
staff director using the contact information provided above.

Agenda for CAS Board Meetings on February 20, 2020 and March 19, 2020

    1. Conformance of CAS to Generally Accepted Accounting Principles 
(GAAP). Section 820 requires the CAS Board to review and conform CAS, 
where practicable, to GAAP. In furtherance of section 820, the CAS 
Board will discuss the following tentatively planned actions, taking 
into account comments received in response to the staff discussion 
paper (SDP) it published on March 13, 2019 (84 FR 9143): (1) An 
advanced notice of proposed rulemaking (ANPRM) on conformance of CAS 
408, Accounting for Costs of Compensated Personal Absence, and CAS 409, 
Cost Accounting Standard Depreciation of Tangible Capital Assets, to 
GAAP. More generally, the Board will discuss whether and when 
conformance of CAS to GAAP might be considered a cost accounting 
practice change.
    2. Application of CAS to indefinite delivery vehicles (IDVs) and 
hybrid contracts. The Board will revisit recommendations pertaining to 
the treatment of IDVs and hybrid contracts made by the Advisory Panel 
on Streamlining Acquisition Regulations established by section 809 of 
the FY 2016 National Defense Authorization Act (the Panel). In its June 
2018 report, the Panel recommended that the Board amend its regulations 
to state that the CAS applicability determination be made separately 
for each order, rather than at the time the IDV contract is first 
awarded. The Panel suggested that this clarification can help to avoid 
confusion caused by inclusion of the CAS clause ``based on the prospect 
(however unlikely) of obtaining certified cost or pricing data at order 
placement.'' For hybrid contracts, the Panel recommended that the CAS 
exemption be applied to any portion of a contract or subcontract where 
CAS would not apply if that portion were awarded as a separate contract 
or subcontract.
    3. Waivers. Section 820 of the FY 2017 NDAA amended section 
1502(b)(3)(A) of title 41 of the United States Code to raise the 
threshold under which CAS may be waived if the business unit of the 
contractor or subcontractor that will perform the work is primarily 
engaged in the sale of commercial items and would not otherwise be 
subject to CAS. Section 820 raised the threshold from $15 million to 
$100 million. The Board will discuss a rulemaking to amend the CAS to 
reflect this statutory threshold change.
    4. CAS Board Annual Report for Fiscal Year 2019. Section 820 
amended 41 U.S.C. 1501(e) to require the Board to annually submit a 
report to Congress on the actions taken by the
    5. Board during the prior year. The Board will discuss its first 
annual report to Congress.

Michael E. Wooten,
Administrator for Federal Procurement Policy, and Chair, Cost 
Accounting Standards Board.
[FR Doc. 2020-05687 Filed 3-18-20; 8:45 am]
 BILLING CODE 3110-01-P