Cost Accounting Standards Board; T&M Contracts for Commercial Items
The Cost Accounting Standards (CAS) Board is proposing to revise the CAS by providing an exemption for time-and-materials (T&M) and labor-hour (LH) contracts for the acquisition of commercial items.
Cost Accounting Standards Board (CAS) Changes to Acquisition Thresholds
The Cost Accounting Standards (CAS) Board is proposing to adjust the CAS application and full coverage thresholds for inflation in accordance with section 807 of the Ronald W. Reagan National Defense Authorization Act for Fiscal Year 2005 (Pub. L. 108-375).
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.
Capitalization of Tangible Assets; Correction
This document contains technical corrections to the Illustrations in CAS 9904.404, ``Capitalization of Tangible Assets.'' An amendment to this Standard was published on February 13, 1996 (61 FR 5520). However, while the contractor's minimum cost criteria for capitalization was increased from $1,500 to $5,000 in the body of the Standard, this change was not reflected in the Illustrations part of the Standard. This technical correction brings the figures in the relevant Illustrations into line with the $5,000 minimum cost criteria for capitalization currently incorporated in the body of the Standard.
Cost Accounting Standards Board; Applicability of Cost Accounting Standards Coverage
The Cost Accounting Standards (CAS) Board is revising the criteria applicable to United Kingdom (UK) contractors for filing a Disclosure Statement, Form No. CASB DS-1. This rulemaking is authorized pursuant to section 26 of the Office of Federal Procurement Policy Act. The Board is promulgating this interim rule in order to comply with a specific request by the UK Ministry of Defence to simplify the compliance process with CAS Board disclosure requirements for UK contractors.
Determination of Executive Compensation Benchmark Amount Pursuant to Section 39 of the Office of Federal Procurement Policy (OFPP) Act (41 U.S.C. 435), as Amended
The Office of Management and Budget (OMB) is hereby publishing the attached memorandum to the heads of executive departments and agencies concerning the determination of the maximum ``benchmark'' compensation amount that will be allowable under government contracts during contractors' FY 2005$473,318. This determination is required under Section 39 of the Office of Federal Procurement Policy (OFPP) Act (41 U.S.C. 435), as amended. The benchmark compensation amount applies equally to both defense and civilian procurement agencies.
Publication of the Office of Federal Procurement Policy (OFPP) Policy Letter 05-01, Developing and Managing the Acquisition Workforce
In accordance with section 37(b)(3) of the OFPP Act, as amended (41 U.S.C. 433(b)(3)), the Administrator for Federal Procurement Policy is authorized to issue policies to promote uniform implementation of a program to develop the federal acquisition workforce. OFPP is publishing Policy Letter 05-01, Developing and Managing the Acquisition Workforce, which more broadly defines the acquisition workforce and more closely aligns civilian and defense acquisition workforce requirements. This Policy Letter applies to all executive agencies, except those subject to the Defense Acquisition Workforce Improvement Act (DAWIA) (10 U.S.C. 1741-46). OFPP Policy Letter 05-01 supersedes and rescinds OFPP Policy Letter 92-3, Procurement Professionalism Program PolicyTraining for Contracting Personnel, and Policy Letter 97-01, Procurement System Education, Training and Experience Requirements for Acquisition Personnel.