[Federal Register Volume 65, Number 154 (Wednesday, August 9, 2000)]
[Notices]
[Pages 48738-48739]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-20064]


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OFFICE OF MANAGEMENT AND BUDGET


Office of Federal Procurement Policy; Cost Accounting Standards 
Board; Comprehensive Review

AGENCY: Cost Accounting Standards Board, Office of Federal Procurement 
Policy, OMB.

ACTION: Notice.

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SUMMARY: The Cost Accounting Standards Board (CASB) hereby invites 
public comments on how the Board should proceed with its comprehensive 
review of the Cost Accounting Standards (CAS) and attendant 
requirements. The CASB's objective in issuing this Notice is to 
consider public comments in developing the Board's plan for performing 
a comprehensive review.

DATES: Comments must be submitted in writing, by letter, and must be 
received no later than September 25, 2000.

ADDRESSES: Comments should be addressed to Rudolph J. Schuhbauer, 
Project Director, Cost Accounting Standards Board, Office of Federal 
Procurement Policy, 725 17th Street, NW, Room 9013, Washington, DC 
20503. Attn: CASB Docket No. 00-02. The submission of public comments 
in written form, by letter, is requested. Receipt of a readable data 
file via Internet E-mail cannot be assured. To facilitate the CASB's 
review of your submitted comments, please include with your written 
comments a three point five inch (3.5") computer diskette copy of your 
comments and denote the word processing format used.

FOR FURTHER INFORMATION CONTACT: Mr. Rudolph J. Schuhbauer, Project 
Director, Cost Accounting Standards Board (telephone 202-395-3254).

SUPPLEMENTARY INFORMATION: Established pursuant to section 5 of Public 
Law 100-679, the Office of Federal Procurement Policy Act Amendments of 
1988, 41 U.S.C. 422, as amended, the Cost Accounting Standards Board 
(CASB) has the exclusive authority to make, promulgate, amend, and 
rescind cost accounting standards and interpretations thereof designed 
to achieve uniformity and consistency in the cost accounting practices 
governing the measurement, assignment and allocation of costs to CAS-
covered contracts and subcontracts. Under its statutory authority, the 
Board is also required to promulgate rules and regulations for the 
implementation of CAS. The referenced statutory provisions provide that 
such regulations shall require contractors and subcontractors to 
disclose their cost accounting practices, including the methods of 
distinguishing direct costs from indirect costs and the basis for 
allocating indirect costs; and to agree to a contract price adjustment, 
with interest, for any increased costs paid to such contractor or 
subcontractor due to a change in cost accounting practices or failure 
to comply with applicable CAS. Any contract price adjustment 
undertaken, on relevant contracts, shall be made so as to protect the 
Government from payment, in the aggregate, of increased costs (as 
defined by the Board).
    The Board's rules and regulations are codified at 48 CFR Chapter 
99.
    The Board has placed on its agenda a comprehensive review of CAS 
and its attendant requirements. The Board is requesting the views of 
interested parties with respect to the particular CAS items they 
believe may require modification, issuance of an interpretation, or 
recission. The Board requests that commenters prioritize the items 
recommended for review by the CASB.
    Individuals and organizations desiring to submit specific items 
they believe should be included in the Board's comprehensive review are

[[Page 48739]]

requested to provide such items in the following format:

--Name of Cost Accounting Standard, cost accounting issue, or 
regulatory provision in question;
--Reasons for concern;
--Potential solution(s) (Identify the proposed change being suggested, 
e.g., modification, interpretation, or recission of all or part of an 
existing Standard, issuance of a new Standard, etc.; and the rationale 
therefor.);
--Possible burdens and benefits from any proposed approaches; and
--Priority of issues (If more than one item is proposed, please 
prioritize your issues.).

    Items submitted by the public, as well as those submitted by 
Federal agencies, will be considered in the development of a detailed 
plan for the conduct of the comprehensive review.
    Open Public Meeting: After it reviews the public comments received 
in response to this Notice, the Board will schedule an open public 
meeting to discuss its detailed plan for accomplishing the 
comprehensive review. The date, time and location of the meeting will 
be the subject of a separate Federal Register notice.

Nelson F. Gibbs,
Executive Director, Cost Accounting Standards Board.
[FR Doc. 00-20064 Filed 8-8-00; 8:45 am]
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