OFPP Eyes End To Exemption For Foreign Contracts

Law360, New York (October 20, 2010, 1:19 PM EDT) -- The Office of Federal Procurement Policy may end a cost accounting exemption for contracts executed and performed outside of the U.S. and its territories, despite concerns from industry groups that removing the exemption could make it harder to enlist foreign vendors.

The OFPP's Cost Accounting Standards Board said it was recommending the elimination of the so-called overseas exemption from Cost Accounting Standards because the statutory justification no longer exists, there is no accounting basis for it, and only a small amount of contractors and subcontractors would...
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