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First Gov  

CAS Board - 50th Meeting
November 16, 2007

Chairman Paul Denett convened the meeting at 10:00 A.M. and welcomed the members to the 50th meeting of the Cost Accounting Standards (CAS) Board which was held in the New Executive Office Building, 725 17th Street, NW, Washington, DC.  In addition to the Chairman, Board Members Mses. April Stephenson and Kathleen Turco as well as Messrs. Bruce Timman and Richard Wall were in attendance.  Also in attendance were Messrs. Rob Burton, Deputy Administrator, OFPP, David Capitano, Eric Shipley, and Lawrence Rabyne, CAS Board Staff and Ms. Laura Auletta, CAS Board Manager.

Agenda Items as Determined by the June Board Meeting

Final Rules

Contract Clause for Foreign Concerns.  The Board discussed and unanimously approved issuing a final rule providing a contract clause for use in contracts with foreign concerns.  No public comments were received on the proposed rule published June 14, 2007 (72 FR 32829).

Employee Stock Ownership Plans (ESOPs).  Already approved by the Board, this final rule has been submitted for legal review.

Staff Discussion Papers (SDPs)

CAS 403, Operating Revenue Threshold.  The Board discussed the revisions made to this SDP, as requested during the June meeting.  The Board asked the staff to include additional introductory language for the Board’s consideration.

Staff Briefings

Pension Harmonization.  Messrs. Shipley and Rabyne briefed the Board on the public comments received in response to the SDP.  Based on extensive discussion of the comments, the Board instructed the staff to provide additional analysis for the next meeting.

Other Business

The Board agreed to defer further discussion on the CAS exemption for commercial items.

Staff provided the members with the names for the working group on Computing the Cost Impact of a Change in Accounting Practice.  The members approved the working group and tasked the staff to write a tasking for the group for the Board’s approval.

The Chair, Mr. Denett, adjourned the meeting at 12:00 P.M.

Minutes submitted by Laura Auletta November 16, 2007.