48 CFR § 232.1003-70

48 CFR · Federal Acquisition Regulations System

§ 232.1003-70 — Criteria for use.

TitleTitle 48: Federal Acquisition Regulations System PartPart 232: Contract Financing

SourceeCFR (current through Apr 2, 2026)

This text of 48 C.F.R. § 232.1003-70 (Criteria for use.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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48 C.F.R. § 232.1003-70 (2026).

Text

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]

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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]