[Federal Register Volume 84, Number 49 (Wednesday, March 13, 2019)]
[Notices]
[Page 9143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04513]


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OFFICE OF MANAGEMENT AND BUDGET


Invitation for Public Comments Concerning a Staff Discussion 
Paper on Conformance of the Cost Accounting Standards to Generally 
Accepted Accounting Principles

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

ACTION: Notice.

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SUMMARY: The Office of Federal Procurement Policy, Cost Accounting 
Standards Board, invites public comments concerning a Staff Discussion 
Paper (SDP) on conformance of the Cost Accounting Standards (CAS) to 
Generally Accepted Accounting Principles (GAAP).

DATES: Comments must be in writing and must be received by May 13, 
2019.

ADDRESSES: Due to delays in OMB's receipt and processing of mail, 
respondents are strongly encouraged to submit comments electronically 
to ensure timely receipt. Electronic comments should be submitted to 
[email protected]. Be sure to include your name, title, organization, 
and reference case CASB 2019-01. If you must submit by regular mail, 
please do so at Office of Federal Procurement Policy, 725 17th Street 
NW, Washington, DC 20503, ATTN: Raymond Wong.
    Please note that all comments received are subject to the Freedom 
of Information Act, considered public, and will be posted in their 
entirety, including any personal and/or business confidential 
information provided. Do not include any information you would not like 
to be made publically available.

FOR FURTHER INFORMATION CONTACT: Raymond Wong, Cost Accounting 
Standards Board Director (Telephone 202-395-6805).
    Availability: The full text of the SDP is available on the Office 
of Management and Budget homepage at: https://www.whitehouse.gov/wp-content/uploads/2019/03/2019-01-SDP-supp1.pdf.

SUPPLEMENTARY INFORMATION:

A. Regulatory Process

    Rules, regulations and standards issued by the Cost Accounting 
Standards Board (Board) are codified at 48 CFR Chapter 99. Pursuant to 
41 U.S.C. 1502(c), the Board, prior to the establishment of any new or 
revised Cost Accounting Standard (CAS or Standard), is required to 
complete a prescribed rulemaking process. The process generally 
consists of the following four steps:
    1. Consult with interested persons concerning the advantages, 
disadvantages and improvements anticipated in the pricing and 
administration of Government contracts as a result of the adoption of a 
proposed Standard.
    2. Promulgate an Advance Notice of Proposed Rulemaking.
    3. Promulgate a Notice of Proposed Rulemaking.
    4. Promulgate a Final Rule.
    This notice is the first step of the four-step process.

B. Background and Summary

    The Office of Federal Procurement Policy (OFPP), Cost Accounting 
Standards Board, is releasing an SDP on the conformance of CAS to GAAP. 
The SDP has been developed as part of the rulemaking process set forth 
at 41 U.S.C. 1502(c), which requires the Board to consult with 
interested persons concerning the advantages, disadvantages, and 
improvements anticipated in the pricing and administration of 
Government contracts as a result of the adoption of a proposed Standard 
prior to the promulgation of any new or revised CAS. The full text of 
the SDP is available on the Office of Management and Budget homepage 
at: https://www.whitehouse.gov/wp-content/uploads/2019/03/2019-01-SDP-supp1.pdf.
    The National Defense Authorization Act of FY2017 (Pub. L. 114-328, 
130 Stat. 2273) amended 41 U.S.C. 1501(c)(2) to require the Board to 
review CAS and conform them, where practicable, to GAAP. In addition, 
the amended 41 U.S.C. 1502(e) requires the Board to submit an annual 
report to the Congressional defense committees, the Committee on 
Oversight and Government Reform of the House of Representatives, and 
the Committee on Homeland Security and Governmental Affairs of the 
Senate describing the action taken during the prior year to conform CAS 
with GAAP and to minimize the burden on contractors while protecting 
the interests of the Federal Government.
    The SDP solicits the public's views with respect to the Board's 
statutory requirement to conform CAS to GAAP. The SDP reflects research 
accomplished to date by the Board in the respective subject area, and 
is issued by the Board in accordance with the requirements of 41 U.S.C. 
1502(c). Respondents are encouraged to provide comments to the 
questions raised by the Board, although the Board also welcomes 
identification and comment on any other important issues related to 
conformance of CAS to GAAP. The Board continues to be especially 
appreciative of comments and suggestions that attempt to consider the 
concerns of all parties to the contracting process.

C. Public Comments

    Interested persons are invited to participate by providing input 
with respect to conformance of CAS to GAAP. All comments must be in 
writing and submitted as instructed in the ADDRESSES section.
    Please note that all comments received are subject to the Freedom 
of Information Act, considered public, and will be posted in their 
entirety, including any personal and/or business confidential 
information provided. Do not include any information you would not like 
to be made publically available.

Lesley A. Field,
Deputy Administrator.
[FR Doc. 2019-04513 Filed 3-12-19; 8:45 am]
 BILLING CODE 3110-01-P