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.
[85 FR 19688, Apr. 8, 2020, as amended at 87 FR 76995, Dec. 16, 2022]
source: 56 FR 36409, July 31, 1991, unless otherwise noted.
cite as: 48 CFR 232.1003-70