What are the immediate steps DOD contractors should take to prepare for the changing reporting requirements to the IUID registry scheduled on January 1, 2014?
Up to and including December 31, 2013, contractors are required to report serially managed Government-furnished property with a unit-acquisition cost of $5,000 or greater. Contractor Acquired Property (CAP) is exempt from the requirement.
Starting in January 1, 2014, the $5000 threshold for Government Furnished Property is removed. “DoD Serially Managed Items” must be marked and registered. You can find more details in our previous post.
These changes will affect most of the business processes for government property management. There are 5 major triggers to updating the IUID registry with reports.
- When the Government Property is received
- When the Government Property is delivered and shipped
- When the Government Property is consumed
- When the Government Property is disposed
- When the Government Property is transferred
With only a few weeks left, what are the immediate steps contractors should take to prepare for the changes?
- Identify all items which IUID policies and requirements apply
- Determine how to mark these items
- Prepare the data file to submit to the IUID registry as the updated baseline
- Outline the changes in business processes to support the ongoing reporting requirements to update the IUID registry
At E-ISG Asset Intelligence, we provide out-of-box Government Property Management solution eQuip!, to help government contractors to manage Government Property in compliance to FAR/DFAR requirements. We can help you to prepare and implement the changes on the reporting requirements to the IUID registry. Give us a call 1-866-845-2416 if you would like to discuss.