Section 541 - Approval of accounting systemNo contract type shall be used unless it has been determined in writing by the head of the purchasing agency that:
(1) 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.(2) The proposed contractor's accounting system is adequate to allocate costs in accordance with generally accepted accounting principles. Notwithstanding the preceding, a contract may be used without a prior written determination where the contract is a firm, fixed price contract or a contract awarded under section 516 (relating to emergency procurement). 1998, May 15, P.L. 358, No. 57, § 1, effective in 180 days.