White House OMB to Drop Some Accounting Rules for Contractors

The White House Office of Management and Budget proposes dropping more than 60 accounting requirements for federal contractors.

• White House comments in a statement
• Rule change will “update measuring and assigning costs for compensated personal leave, capitalization and depreciation of capital assets and acquisition costs of material”
• Government will now rely on generally accepted accounting practices, the White House says
• OMB expects to finalize rulemaking by early next year and intends to accelerate work switching from cost accounting standards requirements to GAAP

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Bryan Pietsch in Washington at bpietsch3@bloomberg.net

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