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Continuing Resolution Expires April 28, 2017

Client Alert | less than 1 min read | 04.07.17

The Continuing Resolution funding government operations will expire on April 28, 2017. Absent a budget agreement or a new CR, certain government operations will cease. While Congress is working on the budget, contractors wishing to plan for the end of the CR and a potential shutdown might consider: (1) maintaining open lines of communication with their customers; (2) cataloguing contracts by funding source, performance period, option exercise dates to assess impact on their businesses, while paying attention to changes clauses for opportunities for mitigation; (3) preparing for human resources impacts on staff; and, (4) reviewing subcontracts to understand rights and obligations on both sides.

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  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which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