DFARS 242.7501 Definitions
Section Defense Federal Acquisition Regulation Supplement
Facts
- Citation
- DFARS 242.7501
- Type
- Section
- Supplements
- FAR Part 42 Contract Administration and Audit Services
- Last amended
- 90 FR 5725 Effective Jan 17, 2025
- Text as of
- DFARS Change May 7, 2026
- Official text
- acquisition.gov
Text from acquisition.gov. Federal Register history from the Federal Register's records of the rules that amended this section.
Text
“Acceptable accounting system” means a system that complies with the system criteria in paragraph (c) of the clause at 252.242-7006, Accounting System Administration,to provide reasonable assurance that—
(1) Applicable laws and regulations are complied with;
(2) The accounting system and cost data are reliable;
(3) Risk of misallocations and mischarges are minimized; and
(4) Contract allocations and charges are consistent with billing procedures.
“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.
Federal Register history
Quick answers
What is DFARS 242.7501?
DFARS 242.7501 is a section of the Defense Federal Acquisition Regulation Supplement, titled "Definitions".
When was DFARS 242.7501 last changed?
The most recent final rule on record is "Defense Federal Acquisition Regulation Supplement: Definition of Material Weakness (DFARS Case 2021-D006)" (90 FR 5725), published Jan 17, 2025 and effective Jan 17, 2025.
Are changes to DFARS 242.7501 proposed?
No proposed rule from the last 3 years is waiting on a final rule.
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