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OGE Issues Final Rule on Gifts

Client Alert | 1 min read | 11.22.16

The Office of Government Ethics has issued a final rule revising the Standards of Ethical Conduct for Employees of the Executive Branch applicable to the solicitation and acceptance of gifts from outside sources imposing a duty to decline otherwise permissible gifts when the appearance of impropriety is present, adding new examples of how to apply the rules, codifying previous interpretations of the gift rule, and retaining the $20 de minimis exception. In the rule, discussed more fully here, OGE says it will provide additional guidance and training as warranted.

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  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which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