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Barry McVay's FEDERAL CONTRACTS DISPATCH

DATE: September 11, 2000

FROM: Barry McVay, CPCM

SUBJECT: National Aeronautics and Space Administration Federal Acquisition Regulation (FAR) Supplement (NFS); Property Reporting Requirements

SOURCE: Federal Register, September 11, 2000, Vol. 65, No. 176, page 54813

AGENCIES: National Aeronautics and Space Administration (NASA)

ACTION: Interim Rule

SYNOPSIS: NASA is amending NFS Subpart 1845.71, Forms Preparation, to add instructions on how to adjust previously reported property values; a new definition of "Agency Peculiar Property" to exclude completed end items destined for permanent operation in space; and a new definition of "Work in Process" to include completed end items destined for permanent operation in space which otherwise meet the definition of "Agency Peculiar Property."

DATES: The interim rule is effective September 11, 2000. Comments on the interim rule should be submitted to NASA on or before November 11, 2000.

FOR FURTHER INFORMATION CONTACT: James H. Dolvin, NASA Headquarters, Code HK, Washington, DC 20546, 202-358-1279, e-mail: jdolvin1@mail.hq.nasa.gov.

SUPPLEMENTAL INFORMATION: Office of Management and Budget (OMB) Bulletin 97-01, Form and Content of Agency Financial Statements, prescribes financial accounting and reporting requirements for federal agencies, including accounting standards which apply to property, plant and equipment. NASA's initial implementation of the standards through NASA Form 1018, NASA Property in the Custody of Contractors, generated many comments from contractors. In response to those comments, NASA has decided to make additional changes to the NASA Form 1018 reporting requirements to ensure compliance with the accounting standards and the submittal of accurate and timely financial statements.

While this interim rule would revise the entire NFS Subpart 1845.71, most of the changes are editorial (reorganizing, reformatting, etc.). The significant changes are in NFS 1845.7101, Instructions for Preparing NASA Form 1018, and NFS 1845.7101-1, Property Classification.

FOR FURTHER INFORMATION CONTACT: Barry McVay at 703-451-5953 or by e-mail to BarryMcVay@FedGovContracts.com.

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