§ 74.46.060. Completing cost reports and maintaining records
(1) Cost reports shall be prepared in a standard manner and form, as determined by the department. Costs reported shall be determined in accordance with generally accepted accounting principles, the provisions of this chapter, and such additional rules established by the department. In the event of conflict, rules adopted and instructions issued by the department take precedence over generally accepted accounting principles.
(2) The records shall be maintained on the accrual method of accounting and agree with or be reconcilable to the cost report. All revenue and expense accruals shall be reversed against the appropriate accounts unless they are received or paid, respectively, within one hundred twenty days after the accrual is made. However, if the contractor can document a good faith billing dispute with the supplier or vendor, the period may be extended, but only for those portions of billings subject to good faith dispute. Accruals for vacation, holiday, sick pay, payroll, and real estate taxes may be carried for longer periods, provided the contractor follows generally accepted accounting principles and pays this type of accrual when due.
[1998 c 322 § 5; 1985 c 361 § 6; 1983 1st ex.s. c 67 § 2; 1980 c 177 § 6.]
Notes:
Savings -- 1985 c 361: See note following RCW 74.46.020.
Sections: Previous 74.46.010 74.46.020 74.46.030 74.46.040 74.46.050 74.46.060 74.46.080 74.46.090 74.46.100 74.46.155 74.46.165 74.46.190 74.46.200 74.46.220 74.46.230 Next
Last modified: April 7, 2009