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CPSC Announces September 4th Public Meeting to Discuss Reform Legislation

Client Alert | 1 min read | 08.18.08

The U.S. Consumer Product Safety Commission (CPSC) will hold a public meeting on Thursday, September 4, 2008, entitled "An Overview of the Consumer Safety Improvement Act of 2008." The purpose of this meeting is to address major provisions and implementation of the Consumer Product Safety Improvement Act of 2008, which calls for broad reform in the regulation of consumer product safety and the operations of the CPSC. The Act was signed into law by President Bush on Thursday, August 14, 2008.

Acting Chairman Nancy Nord and Commissioner Thomas H. Moore will provide opening remarks to meeting attendees, which will be followed by discussions by the CPSC staff of the following topics:

  • Implementation of the Act and public communications;
  • Provisions of general applicability contained in the Act; and
  • Children's product-specific provisions contained in the Act.

The meeting will conclude with a question and answer session followed by closing remarks.

The meeting will take place on Thursday, September 4, 2008 from 9:30 a.m. to 4:30 p.m. at the U.S. Department of Commerce, Herbert C. Hoover Building Auditorium, 1401 Constitution Avenue, NW, Washington, D.C., 20230. Registration is free and open to the public. 

Crowell & Moring attorneys will be in attendance at the meeting and will thereafter issue a summary of the CPSC's position regarding the new Act.

Insights

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  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which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