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Go to DFARS Change Notices, to view the details of the changes to this subpart.

SUBPART 242.75--CONTRACTOR ACCOUNTING SYSTEMS AND RELATED CONTROLS
(Revised November 09, 1999)

242.7500 Scope of subpart.
This subpart provides policies and procedures applicable to contractor accounting systems and related internal controls.

242.7501 Definition.
"Internal controls" means those policies and procedures established by contractor management to provide reasonable assurance that applicable laws and regulations are complied with and that actual and estimated costs are equitably allocated within the accounting system.

242.7502 Policy.
Contractors receiving cost-reimbursement or incentive type contracts, or contracts which provide for progress payments based on costs or on a percentage or stage of completion, shall maintain an accounting system and related internal controls throughout contract performance which provide reasonable assurance that-

242.7503 Procedures.
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