Management and Budget Office June 27, 2024 – Federal Register Recent Federal Regulation Documents

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (CAS Board or the Board), is releasing this notice of proposed rulemaking (NPRM) to elicit public comments on proposed changes to the Cost Accounting Standards (CAS) to conform them with changes in Generally Accepted Accounting Principles (GAAP) related to operating revenue and lease accounting. This proposed rule follows issuance of an advanced notice of proposed rulemaking (ANPRM) 85 FR 70572 (November, 5, 2020), and a Staff Discussion Paper (SDP) 84 FR 9143 (March 13, 2019).

On July 19, 2023, the Office of Information and Regulatory Affairs (OIRA) in the Office of Management and Budget (OMB) issued a Memorandum, Broadening Public Participation and Community Engagement in the Regulatory Process, providing guidance to agencies on how to promote equitable and meaningful participation by a range of interested and affected parties, including members of underserved communities, during the regulatory process. The Memorandum also established guidance for agencies to implement the Executive Order on Modernizing Regulatory Review's call for proactive engagement to inform the development of regulatory actions and plans, with a focus on early engagement in agency priority-setting. In developing the Memorandum, OIRA drew on extensive engagement with the public, including four listening sessions and two public comment periods. In the Memorandum, OIRA anticipated organizing a follow-up listening session approximately twelve months from its issuance, to hear from members of the public about implementation of this guidance and opportunities for improvement. OIRA will hold three listening sessions to receive public input on the public's experience engaging with agency's rulemaking processes since the Memorandum's release.