CAS-covered Contract Not "Affected" By Accounting Change
Client Alert | less than 1 min read | 07.03.07
In its first addressing of the definition of "affected contracts" under the CAS regulations in a situation that arises with surprising frequency, the ASBCA in Lockheed Martin Corp. (June 28, 2007), a case handled by Crowell & Moring, has held that a CAS-covered contract awarded before a change in accounting practice was disclosed and implemented, but completely repriced with full disclosure of the change, is not "affected" by the change and is not subject to price adjustment to reflect the impact of the change. The decision also includes guidance about the meaning of "desirable" changes that should be helpful to contractors.
Insights
Client Alert | 10 min read | 03.19.26
[1] In a recent development, the UK Supreme Court ruled that Artificial Neural Networks (ANNs) are not excluded from patentability due to being a computer program “as such.” In doing so, the Court set out the framework of a new test for the UK Intellectual Property Office (IPO) to use when evaluating the patentability of computer. The ruling breaks down barriers to the patenting of AI algorithms in the UK and paves the way for a wider change in the UK IPO’s approach to assessing excluded subject matter.
Client Alert | 7 min read | 03.19.26
Client Alert | 6 min read | 03.18.26
CFTC Takes Additional Steps Toward Prediction Market Regulation: What You Need to Know
Client Alert | 4 min read | 03.18.26
