Cost Accounting Standards Amendments of 1999

Cost Accounting Standards Amendments of 1999 - Amends the Federal Procurement Policy Act to: (1) prohibit applying cost accounting standards required under the Act to a contractor or subcontractor for a fiscal year (or other one-year period used for cost accounting by the contractor or subcontractor) if the total value of all contracts and subcontracts covered by such standards that were entered into by the contractor or subcontractor, respectively, in the previous fiscal year was less than $50 million; and (2) exempt from the applicability of such standards fixed-price contracts or subcontracts awarded on the basis of adequate price competition without submission of certified cost or pricing data and contracts or subcontracts with a value that is less than $5 million.

Allows an executive agency to waive the applicability of the standards: (1) for a contract or subcontract with a value of less than $10 million where the contractor or subcontractor is primarily engaged in the sale of commercial items and would not otherwise be subject to such standards; or (2) under extraordinary circumstances when necessary to meet agency needs. Prohibits an agency from delegating such authority to any official in such agency below the senior policy-making level. Requires each agency to report the waivers granted for that agency to the Cost Accounting Standards Board on an annual basis.