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48 CFR 232.1003-70

232.1003-70 Criteria for use.

United States · 48 CFR — Federal Acquisition Regulations System · Status: effective

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48 CFR 232.1003-70, 232.1003-70 Criteria for use, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/244012
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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.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.