CAS-covered Contract Not "Affected" By Accounting Change
Client Alert | less than 1 min read | 07.03.07
In its first addressing of the definition of "affected contracts" under the CAS regulations in a situation that arises with surprising frequency, the ASBCA in Lockheed Martin Corp. (June 28, 2007), a case handled by Crowell & Moring, has held that a CAS-covered contract awarded before a change in accounting practice was disclosed and implemented, but completely repriced with full disclosure of the change, is not "affected" by the change and is not subject to price adjustment to reflect the impact of the change. The decision also includes guidance about the meaning of "desirable" changes that should be helpful to contractors.
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Auto Dealers: Buckle-Up Enhanced State-Level Enforcement Ahead
The Fifth Circuit vacated the FTC’s Combatting Auto Retail Scams (CARS) Rule in January of this year, finding that the FTC failed to follow the correct administrative procedures when it promulgated the regulation.
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