[§103D-314]  Approval of accounting system. Except with respect to firm fixed-price contracts, no contract shall be usedunless it has been determined in writing by the chief procurement officer, thehead of a purchasing agency, or a designee of either officer that:

(1)  The proposed contractor's accounting system willpermit timely development of all necessary cost data in the form required bythe specific contract type contemplated; and

(2)  The proposed contractor's accounting system isadequate to allocate costs in accordance with generally accepted accountingprinciples. [L Sp 1993, c 8, pt of §2]