[§103D-314] Approval of accounting system.
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[§103D-314] Approval of accounting system. Except with respect to firm fixed-price contracts, no contract shall be used unless it has been determined in writing by the chief procurement officer, the head of a purchasing agency, or a designee of either officer that:
(1)The proposed contractor's accounting system will permit timely development of all necessary cost data in the form required by the specific contract type contemplated; and
(2)The proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles. [L Sp 1993, c 8, pt of §2]