For those doing overseas work, the Office of Federal Procurement Policy’s Cost Accounting Standards (CAS) Board has finalized a proposed rule that eliminates the CAS exemption for contracts executed and performed outside of the US. The Board says it concluded that eliminating the exemption would not create any hardships and that the Board, among other things, did not believe the exemption had any accounting basis.
The final rule takes effect Oct. 11 (76 Fed. Reg. 49,365, 8/10/11), and is available by Clicking Here.