Management and Budget Office July 2005 – Federal Register Recent Federal Regulation Documents
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Cost Accounting Standards Board; Accounting for the Costs of Employee Stock Ownership Plans (ESOPs) Sponsored by Government Contractors
The Cost Accounting Standards Board (CASB), Office of Federal Procurement Policy, invites public comments on proposed amendments to the Cost Accounting Standards (CAS) 412, ``Cost accounting standard for composition and measurement of pension cost,'' and CAS 415, ``Accounting for the cost of deferred compensation.'' These proposed amendments address issues concerning the recognition of the costs of Employee Stock Ownership Plans (ESOPs) under Government cost-based contracts and subcontracts. These proposed amendments provide criteria for measuring the costs of ESOPs and their assignment to cost accounting periods. The allocation of a contractor's assigned ESOP costs to contracts and subcontracts is addressed in other Standards. The proposed amendments also specify that accounting for the costs of ESOPs will be covered by the provisions of CAS 415, ``Accounting for the cost of deferred compensation'' and not by any other Standard.
Audits of States, Local Governments, and Non-Profit Organizations; Circular A-133 Compliance Supplement
This notice announces the availability of the Compliance Supplement (Supplement) for 2005. The Single Audit Act Amendments of 1996 and OMB Circular A-133 provide for the Office of Management and Budget to issue a compliance supplement to assist auditors in performing the required audits under Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Annually, OMB works with the Federal agencies to update the program objectives, procedures and key compliance requirements which the Federal Government expects to be considered in single audits of federal programs. For 2005, the updates include new or significantly changed programs in Parts 4, those parts of the Supplement that relate to the Part 4 changes and updated appendices. The 2005 Supplement updates amend the 2004 Supplement and should be used in conjunction with the 2004 Supplement to perform audits for fiscal years beginning after June 30, 2004. In summary, the 2005 Supplement updates include the following: Updated Table of Contents. Updated Parts 1 and 2. Six new programs. A re-write of 10 programs with significant changes. Two deleted programs. Updated appendices III, IV and V. A listing of minor changes for 28 programs (Appendix V). A complete list of changes from the 2004 Supplement can be found at Appendix V of the 2005 Supplement. Due to its length, the 2005 Supplement updates are not included in this notice but are available on the OMB Web site at (https://www.whitehouse.gov/omb/circulars/a133- compliance/05/05toc.html) or in hard copy from the Government Printing Office (see ADDRESSES for information about how to obtain a copy). This notice also offers interested parties an opportunity to comment on the 2005 Supplement updates.
Request for Information Relating to Research Awards
Many areas of today's research require multi-disciplinary teams in which the intellectual leadership of the project is shared among two or more individuals. To facilitate this team approach through recognition of the contributions of the team leadership members, OSTP issued a memorandum to all Federal research agencies on January 4, 2005, requiring them to formally allow more than one PI on individual research awards. The Federal agencies are now seeking input from the research communityscientists, research administrators, and organizations that represent components of the scientific research communityon how best to implement this policy. The current Request for Information (RFI) poses a series of questions around core elements that may comprise each agency's implementation plan. These elements include: (1) Statement of what constitutes a PI; (2) designation of contact PI; (3) application instructions for listing more than one PI; (4) PIs at different institutions; (5) access to award and review information, and (6) access to public data systems.
Proposed Revisions to OMB Statistical Policy Directive No. 1, Standards for Statistical Surveys, and OMB Statistical Policy Directive No. 2, Publication of Statistics
As part of an ongoing effort to improve the quality, objectivity, utility, and integrity of information collected and disseminated by the Federal Government, the Office of Management and Budget (OMB) requests comments on the recommendations that it has received from the Federal Committee on Statistical Methodology (FCSM) Subcommittee on Standards for Statistical Surveys to update and revise OMB Statistical Policy Directive No. 1, Standards for Statistical Surveys, and OMB Statistical Policy Directive No. 2, Publication of Statistics. The guidance, which applies to all Federal agencies subject to the Paperwork Reduction Act of 1995, is intended to ensure that the results of statistical surveys sponsored by the Federal Government are as reliable and useful as possible. The FCSM Subcommittee's recommendations, which are available in their entirety on the OMB Web site at https://www.whitehouse.gov/omb/inforeg/statpolicy.html, are the result of a two-year comprehensive review of the current standards.
Acquisition Advisory Panel; Notification of Upcoming Meetings of the Acquisition Advisory Panel
The Office of Management and Budget announces two meetings of the Acquisition Advisory Panel (AAP or ``Panel'') established in accordance with the Services Acquisition Reform Act of 2003.
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