Completion of the Transition of Military Equipment Reporting to the Components (Jan 2011)
Per USD Comptroller memorandum, "Transition of Military Equipment Reporting," dated September 4, 2009, CAMS-ME was to be shut down after the completion of the FY 2010 year-end close. P&EP has provided the final reporting data sets to the Military Components for financial statement reporting and historical archiving.
The USD Comptroller memorandum, "Completion of the Transition of Military Equipment Reporting," dated December 22, 2010, outlines the Components' financial reporting responsibilities for ME beginning in FY 2011 with the Components' transitions to replacement reporting systems. The memorandum also states that P&EP will be available to the Components for policy guidance on the valuation and reporting of military equipment and for other General Property, Plant and Equipment accountability improvement and audit readiness strategy and execution support.
New Definition of Government Furnished Property (GFP) and More (July 2010)
The latest Federal Register contained updates to the FAR, and more specifically, to the Government Property clause. The updates are from FAR case 2008-011, which was recently passed as a final rule. The new definition of GFP will be:
"Government furnished property means property in the possession of, or directly acquired by, the Government and subsequently furnished to the contractor for performance of a contract. Government furnished property includes, but is not limited to, spares and property furnished for repairs, maintenance, overhaul, or modification. Government furnished property also includes contractor acquired property if the contractor acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract."
The two major changes provide greater clarity about spares and reparable property as well as additional insight over contractor acquired property (CAP). First, addressing spares and reparable property is intended to show that when the Government provides these items, they shall be considered GFP. The second is to show that when CAP is delivered to the Government for use on the same contract, is shall then be considered GFP. These changes and updates will take effect on August 2, 2010.
Additional updates to the FAR regarding Government property are available in the Federal Acquisition Circular (FAC) 2005-43.
Government Furnished Property (GFP) and Contractor Acquired Property (CAP) Basics Webinar Files and Recording Available (May 2010)
The GFP and CAP Basics Webinar files are now available! The recording is available on Defense Connect Online (DCO) here. You will need an active DCO account to view the recording. You can go directly to DCO to set up a free account.
Thank you, again, to all in attendance. We look forward to offering new webinars in the future and hope you will join us.