Cost-Accounting Standards Board Amendments of 1984

Summary

Cost-Accounting Standards Board Amendments of 1984 - Amends the Defense Production Act to 1950 to revise certain functions of the Cost-Accounting Standards Board. Requires members to be appointed by the President and confirmed by the Senate (currently, such members are appointed by the Comptroller General, the Chairman of the Board). Makes the Board's promulgation of accounting standards permissive rather than mandatory. Authorizes the Board to interpret such standards. Directs the Secretary of the Treasury to fix the interest rate on defense contractor reimbursement to the United States for overpayments made because of a contractor's failure to comply with such accounting standards (currently, a seven percent ceiling). Authorizes the Board to establish procedures for the waiver of such standards for individual contractors. Extends from 60 to 90 days the effective date of cost-accounting standards after they are promulgated. Requires the Board to report to Congress within the year and annually thereafter. Maintains the effectiveness of previous Board activity until superseded.

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1 official file

• Introduced in House

  summary · EN · 12 April 1984

  Open at official source

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