§103D-314 - Approval of accounting system. - Hawaii Statutes

     [§103D-314]  Approval of accounting system.  Except with respect to firm fixed-price contracts, no contract shall be used unless it has been determined in writing by the chief procurement officer, the head of a purchasing agency, or a designee of either officer 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. [L Sp 1993, c 8, pt of §2]