Except with respect to firm fixed price type contracts, no contract type shall be used unless it has been determined in writing that 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 that the contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles.
KRS 45A.140
Accounting system
Known as the Kentucky Model Procurement Code
The act spans §§ 45–45 (195 sections).
Effective: January 1, 1979 History: Created 1978 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.