This question has come up often (but insert prior year for 2012) in the past and with recent passage of the 2012 Act, I thought I would clarify the process as it impacts a government contractor. Although an Act can be signed, it does not immediately flow to a government contractor.
We will probably see implementation of the 2012 Act sections in the next year or so. Some will come faster than others.
Some items from various Acts have just recently been placed into effect (actually a couple yesterday). Things to watch for in updating your policies and procedures are topics of contractor responsibility, past performance, and conflicts of interest. A great place to watch regulations move through is www.regulations.gov.
This is a perfect time to review and update your policies and procedures. Remember, you can’t be in compliance if those are just collecting dust!