Summary: H.R.3140 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.3140. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/06/1987)

Directs the Secretary of Defense, within 180 days after the enactment of this Act, to establish standards for inventory accounting systems used by contractors of the Department of Defense (DOD), giving due considerations to the advisory committee established under this Act.

Directs the Secretary, within 30 days after the enactment of this Act, to establish an advisory committee to make recommendations on the standards required to be established by the Secretary earlier under this Act. Requires the advisory committee to develop recommendations on minimum standards for the acceptability of inventory accounting systems, addressing specified inventory and accounting questions.

Directs the Secretary, within 180 days after the enactment of this Act, to submit to the Senate and House Armed Services Committees a report describing the recommendations of the advisory committee and the actions taken by the Secretary on the recommendations.

Directs the Secretary to require defense contractors to certify, within 180 days after the establishment of the above-described standards, that their inventory accounting systems are in compliance with applicable laws and regulations, with the standard adopted under this Act, and with the contractor's disclosed accounting practices.