§ 37-2-32 - Approval of accounting system.
SECTION 37-2-32
§ 37-2-32 Approval of accounting system.– Except with respect to firm fixed price type contracts, no contract type shallbe used unless it has been determined in writing that the proposed contractor'saccounting system will permit timely development of all necessary cost data inthe form required by the specific contract type contemplated and that thecontractor's accounting system is adequate to allocate costs in accordance withgenerally accepted accounting principles.