Nearly a decade after a panel of experts recommended major changes to the way the government buys services, the General Services Administration (GSA) is going through with two significant updates.

GSA released the final data transaction reporting rule June 23 creating a requirement for government contractors to submit information about transactions through the schedule contracts and those governmentwide acquisition contracts run by the agency.

The agency says transactional data refers to the information generated when the government purchases goods or services from a vendor. It includes specific details such as descriptions, part numbers, quantities and prices paid for the items purchased.

In that final rule, which has been in the works for more than a year and has been drawn the ire of many vendors, GSA says “vendors will no longer be subject to the existing requirements for Commercial Sales Practices (CSP) disclosures and Price Reductions clause (PRC) basis of award monitoring, resulting in a substantial burden reduction.”

Keep reading this article at: http://federalnewsradio.com/acquisition-policy/2016/06/gsa-finalizes-major-update-acquisition-policy/