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Attention Security Managers and FSOs

Client Alert | 1 min read | 07.05.17

The Office of the Director of National Intelligence has issued Security Executive Agency Directive 3, and increased reporting requirements for executive branch employees and contractors with access to classified information or who hold sensitive positions. Among other things, covered individuals must report non-work related foreign travel to their local security office for advance approval and security briefing, and any unplanned day trips into Mexico or Canada must be reported within five days of returning to the U.S. Additionally, the directive requires that all individuals with access to classified information report any continuing association with foreign nationals with whom they share “affection, personal obligation or intimate contact,” as well as any contact with foreign nationals that results in the sharing of personal information.

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Client Alert | 1 min read | 07.08.26

CAS Board Publishes Final Rule Rescinding CAS 404, 408, 409, and 4117

As part of its ongoing effort to conform the Cost Accounting Standards (“CAS”) to generally accepted accounting principles (“GAAP”), the CAS Board published a final rule rescinding CAS 408 (Accounting for costs of compensated personal absence) and CAS 411 (Accounting for acquisition costs of material).  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which will be located in new paragraphs of CAS 405 (Accounting for unallowable costs).  Specifically, the CAS Board retained the requirements currently located at CAS 404-50(d)(1), CAS 409-50(e)(5), CAS 409-50(j)(1), and CAS 409-50(j)(4), which the CAS Board explained are necessary to protect the Government’s interests.  Otherwise, the CAS Board determined that the requirements of CAS 404, 408, 409, and 411 overlapped with GAAP such that GAAP “may be applied reasonably as a substitute for CAS to support contract cost and pricing.”...

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