FedGovContracts.com

Panoptic Enterprises' FEDERAL CONTRACTS DISPATCH

DATE: August 9, 2001

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

SOURCE: Federal Register, August 9, 2001, Vol. 66, No. 154, page 41805

AGENCIES: National Aeronautics and Space Administration (NASA)

ACTION: Final Rule

SYNOPSIS: NASA is adopting as final with changes the September 11, 2000, interim rule that amended NFS Subpart 1845.71, Forms Preparations, to comply with existing federal accounting standards and Office of Management and Budget (OMB) Bulletin 97-01, Form and Content of Agency Financial Statements, and made other changes to NASA's property reporting requirements.

EDITOR'S NOTE: For more on the interim rule that is being finalized, see the September 11, 2000, FEDERAL CONTRACTS DISPATCH "National Aeronautics and Space Administration Federal Acquisition Regulation (FAR) Supplement (NFS); Property Reporting Requirements."

EFFECTIVE DATE: August 9, 2001.

FOR FURTHER INFORMATION CONTACT: Lou Becker, NASA Headquarters, Code HK, Washington, DC 20546-0001, 202-358-4593, e-mail: lbecker@hq.nasa.gov.

SUPPLEMENTAL INFORMATION: OMB Bulletin 97-01 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 was through NASA Form 1018, NASA Property in the Custody of Contractors, but the revised NASA Form 1018 generated many comments from contractors. Therefore, on September 11, 2000, NASA decided to make additional changes to the NASA Form 1018 reporting requirements in NFS Subpart 1845.71 to ensure compliance with the accounting standards and the submittal of accurate and timely financial statements. Comments were received from four groups, and NASA is finalizing the interim rule with editorial changes to provide consistency in application. The most significant changes made by the interim rule were in NFS 1845.7101, Instructions for Preparing NASA Form 1018, and NFS 1845.7101-1, Property Classification, and those changes remain unchanged. The interim rule made the following significant changes, and these changes are included in the final rule:

FOR FURTHER INFORMATION CONTACT: Panoptic Enterprises at 703-451-5953 or by e-mail to Panoptic@FedGovContracts.com.

Copyright 2001 by Panoptic Enterprises. All Rights Reserved.

Return to the Dispatches Library.

Return to the Main Page.