§232.1003-70. Criteria for use.
48 C.F.R. § 232.1003-70
In accordance with 10 U.S.C. 3802(c)(1), a contractor's financial statements shall be in compliance with Generally Accepted Accounting Principles in order to receive performance-based payments. 10 U.S.C. 3802(c)(2) specifies that it does not grant the Defense Contract Audit Agency the authority to audit compliance with Generally Accepted Accounting Principles.
Notes, amendments, and revision history
Amendments
[85 FR 19688, Apr. 8, 2020, as amended at 87 FR 76995, Dec. 16, 2022]
Source
Source: 63 FR 11537, Mar. 9, 1998, unless otherwise noted.
Authority
Authority: 41 U.S.C. 1303 and 48 CFR chapter 1.
Source
Source: 56 FR 36409, July 31, 1991, unless otherwise noted.
Amendments
[85 FR 19688, Apr. 8, 2020, as amended at 87 FR 76995, Dec. 16, 2022]