NASA has proposed to revise its Federal Acquisition Regulation to require contractors that have control over space agency-owned property, plant and equipment worth at least $10 million to report such assets on a monthly basis.NASA said in a notice posted Tuesday on Federal Register the proposed amendment to NFS aims to ensure that PP&E are properly accounted for in the space agency’s financial statements in compliance with the Statement of Federal Financial Accounting Standard No. 6.
Other proposed updates to NFS include the addition of NASA’s center industrial property officer to the distribution list for the hard copy of NF 1018 forms and a plan to change the submission date for contractors’ annual PP&E reports from Oct. 15th to Oct. 31st.
The notice said the proposed rule’s requirements would apply to any contract award that involves the use of government property.
According to the agency’s fiscal year 2015 property records, 32 of the 643 contracts that required contractors to submit reports on government property had $10 million or more in NASA-owned PP&E assets.
Comments to the proposed rule are due Sept. 26, according to the notice.
