48 CFR § 232.1003-70 - 232.1003-70 Criteria for use.

---
identifier: "/us/cfr/t48/s232.1003-70"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "48 CFR § 232.1003-70 - 232.1003-70   Criteria for use."
title_number: 48
title_name: "Federal Acquisition Regulations System"
section_number: "232.1003-70"
section_name: "232.1003-70   Criteria for use."
chapter_number: 2
chapter_name: "DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE"
subchapter_number: "E"
subchapter_name: "GENERAL CONTRACTING REQUIREMENTS"
part_number: "232"
part_name: "CONTRACT FINANCING"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "41 U.S.C. 1303 and 48 CFR chapter 1."
regulatory_source: "56 FR 36409, July 31, 1991, unless otherwise noted."
cfr_part: "232"
---


# 232.1003-70 232.1003-70   Criteria for use.

In accordance with 10 U.S.C. 3802(c)(1), a contractor's financial statements shall be in compliance with Generally Accepted Accounting Principles in order to receive performance-based payments. 10 U.S.C. 3802(c)(2) specifies that it does not grant the Defense Contract Audit Agency the authority to audit compliance with Generally Accepted Accounting Principles.

[85 FR 19688, Apr. 8, 2020, as amended at 87 FR 76995, Dec. 16, 2022]