Page:United States Statutes at Large Volume 124.djvu/3724

 124 STAT. 3698 PUBLIC LAW 111–350—JAN. 4, 2011 (ii) would not otherwise be subject to the cost accounting standards under this section. (B) IN EXCEPTIONAL CIRCUMSTANCES.—The head of an executive agency may waive the applicability of the cost accounting standards for a contract or subcontract under exceptional circumstances when necessary to meet the needs of the agency. A determination to waive the applica- bility of the standards under this subparagraph shall be set forth in writing and shall include a statement of the circumstances justifying the waiver. (C) RESTRICTION ON DELEGATION OF AUTHORITY.—The head of an executive agency may not delegate the authority under subparagraph (A) or (B) to an official in the executive agency below the senior policymaking level in the executive agency. (D) CONTENTS OF FEDERAL ACQUISITION REGULATION.— The Federal Acquisition Regulation shall include— (i) criteria for selecting an official to be delegated authority to grant waivers under subparagraph (A) or (B); and (ii) the specific circumstances under which the waiver may be granted. (E) REPORT.—The head of each executive agency shall report the waivers granted under subparagraphs (A) and (B) for that agency to the Board on an annual basis. (c) REQUIRED BOARD ACTION FOR PRESCRIBING STANDARDS AND INTERPRETATIONS.—Before prescribing cost accounting standards and interpretations, the Board shall— (1) take into account, after consultation and discussions with the Comptroller General, professional accounting organizations, contractors, and other interested parties— (A) the probable costs of implementation, including any inflationary effects, compared to the probable benefits; (B) the advantages, disadvantages, and improvements anticipated in the pricing and administration of, and settle- ment of disputes concerning, contracts; and (C) the scope of, and alternatives available to, the action proposed to be taken; (2) prepare and publish a report in the Federal Register on the issues reviewed under paragraph (1); (3)(A) publish an advanced notice of proposed rulemaking in the Federal Register to solicit comments on the report pre- pared under paragraph (2); (B) provide all parties affected at least 60 days after publica- tion to submit their views and comments; and (C) during the 60-day period, consult with the Comptroller General and consider any recommendation the Comptroller General may make; and (4) publish a notice of proposed rulemaking in the Federal Register and provide all parties affected at least 60 days after publication to submit their views and comments. (d) EFFECTIVE DATES.—Rules, regulations, cost accounting stand- ards, and modifications thereof prescribed or amended under this chapter shall have the full force and effect of law, and shall become effective within 120 days after publication in the Federal Register in final form, unless the Board determines that a longer period is necessary. The Board shall determine implementation dates for contractors and subcontractors. The dates may not be later than