1. Regulations
  2. title 48
  3. chapter 2
  4. part 232
  5. subpart 232.10
  6. § 232.1003-70

View all text of Subpart 232.10 [232.1001 - 232.1005-70]

232.1003-70 - 232.1003-70 Criteria for use.

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]

AUTHORITY: 41 U.S.C. 1303 and 48 CFR chapter 1.

SOURCE: 56 FR 36409, July 31, 1991, unless otherwise noted.

CITE AS: 48 CFR 232.1003-70