Acceptable Accounting System. The Contractor shall maintain the acceptable/approved status of their Accounting System and submit updates to the current status
Acceptable Accounting System. An acceptable accounting system is a system that is approved by the OASIS CO and provides for the proper segregation, identification, accumulation, and allocation of direct and indirect costs for government procurements Acceptable Accounting Systems are mandatory. The Contractor must maintain an acceptable accounting system for the entire term of OASIS. The Contractor shall notify the OASIS CO and designated OCO for affected task orders, in writing, if there are any changes in the status of their accounting system and provide the reasons for the change and copies of audit reports, as applicable. Only those Contractors that maintain an acceptable accounting system, as approved by the OASIS CO, shall be eligible for task order solicitations.
Acceptable Accounting System. An acceptable accounting system is a system that is approved by the OASIS CO, in consultation with the Defense Contract Audit Agency (DCAA) and provides for the proper segregation, identification, accumulation, and allocation of direct and indirect costs for government procurements Acceptable Accounting Systems are mandatory. The Contractor must maintain an acceptable accounting system for the entire term of OASIS. The Contractor shall notify the OASIS CO and designated OCO for affected task orders, in writing, if there are any changes in the status of their accounting system and provide the reasons for the change and copies of audit reports, as applicable. Only those Contractors that maintain an acceptable accounting system, as approved by the OASIS CO, shall be eligible for task order solicitations.
Acceptable Accounting System. An acceptable accounting system is a system that is approved by the PCO, in consultation with the Defense Contract Audit Agency (DCAA), and provides for the proper segregation, identification, accumulation, and allocation of direct and indirect costs for government procurements.
Acceptable Accounting System. Accounting system means the Contractor’s system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions, and may include subsystems for specific areas such as indirect and other direct costs, compensation, billing, labor, and general information technology. The Contractor must maintain an acceptable accounting system for the entire term of BMO. The Contractor shall notify the BMO CO and designated OCO for affected task orders, in writing, if there are any changes in the status of their accounting system and provide the reasons for the change and copies of audit reports, as applicable. Acceptable accounting system means a system that provides reasonable assurance that —
(i) Applicable laws and regulations are complied with;
(ii) The accounting system and cost data are reliable;
(iii) Risk of misallocations and mischarges are minimized;
(iv) Contract allocations charges are consistent with billing procedures; and
(v) A labor distribution/timekeeping system is in place that properly identifies hours worked and tracks charges for direct and indirect rates
Acceptable Accounting System. Small Businesses shall provide either CAS disclosure statements (in Section 1 above) or evidence of an acceptable accounting system as described in DFARS 252.242- 7006(a)(1) and System Criteria described in 252.242-7006(c).
