[Comments on Proposed FAR Amendment]
Highlights
GAO commented on a proposal to amend Federal Acquisition Regulation (FAR) 4.703 to automatically: (1) extend the period of time contractors could retain certain accounting records generated under government contracts when the contractors failed to timely submit indirect cost-rate proposals; and (2) expand the records to include specified computer input data. GAO had no objection to the proposed amendment.
B-231905, Aug 12, 1988, Office of General Counsel
DIGEST: In response to a proposed amendment to the Federal Acquisition Regulation, the General Accounting Office has no objection to a provision which would extend the period of time contractors are required to retain certain accounting records when they fail to timely submit indirect cost rate proposals; likewise, there is no objection to a provision which expands the term "records" for retention purposes to include computer input data.
Ms. Margaret A. Willis,
FAR Secretariat:
General Services Administration:
This responds to your request for our comments on a proposal to amend Federal Acquisition Regulation (FAR) Sec. 4.703 with respect to contractor records retention. This is FAR Case No. 88-19.
The proposal would automatically extend the period of time contractors are required to retain certain accounting records generated under government contracts whenever those contractors fail to timely submit indirect cost rate proposals under FAR Secs. 52.216-7 and 52.216 13. would also expand the meaning of the term "records" for retention purposes under FAR Subpart 4.7 to include specified computer input data such as punched cards, disks and tapes.
We have no objection to the proposed amendment.