Federal Acquisition Regulations Council issued a final rule Monday that lays out how and when agencies should transition over to a standard identification system for federal contracts.

Agencies have until Oct. 1 2017 to implement the new Procurement Instrument Identification numbering system. PIID will only affect new contracts after the effective date, the rule says.

The proposed rule was introduced back in June 2013 and came at the suggestion of the Government Accountability and Transparency Board’s recommendation to develop a governmentwide numbering system for contracts.

Keep reading this article at: http://www.fiercegovernment.com/story/far-council-lays-out-process-standard-contract-id-system/2014-10-14

The final rule is published in the Federal Register at: https://www.federalregister.gov/articles/2014/10/14/2014-24233/federal-acquisition-regulation-federal-acquisition-circular-2005-77-introduction