Louisiana § 39:1614 Approval of accounting system

Louisiana Statutes

§ 39:1614 — Approval of accounting system

Louisiana·Title 39 Procurement and Contract

§1614. Approval of accounting system Except with respect to firm fixed-price contracts, no contract type shall be used unless it has been determined in writing by the chief procurement officer or his designee 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.

(2)The contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.

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§1614. Approval of accounting system
Except with respect to firm fixed-price contracts, no contract type shall be used
unless it has been determined in writing by the chief procurement officer or his designee 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.
(2) The contractor's accounting system is adequate to allocate costs in accordance
with generally accepted accounting principles.

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