18-4-311. Approval of accounting system. Except with respect to firm fixed-price contracts, no contract type may be used unless it has been determined in writing by the department 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.

     History: En. Sec. 22, Ch. 519, L. 1983.