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A Galaxy (Not) FAR Away? NASA Awards New Contracts in Space Privatization Program

Client Alert | less than 1 min read | 08.17.12

On August 3, NASA announced the award of three new Space Act Agreements to provide funding for the public-private development of spacecraft to launch crew and cargo into low-earth orbit, pursuant to NASA's Commercial Crew Integrated Capability (CCiCap) initiative. The agreements, which are not subject to FAR, are intended to develop "reliable and cost-effective access to and from the International Space Station and low Earth orbit" and ultimately allow NASA, and other government and commercial customers, to purchase spaceflight services from a private space industry.

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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  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which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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