Section 247.36. Statement of accounting method and basis.

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(1) The prequalification application shall require a statement of the accounting method used by the bidder in keeping its financial records, including the basis (percentage of completion or completed contract method) followed in accounting for its construction contracts.

(2) A bidder accounting for its construction contracts on a basis other than the percentage of completion or the completed contract method shall obtain approval, in writing, by the prequalification committee, beforesubmission of the bidder's prequalification application.

History: 1979 AC; 2002 AACS; 2009 AACS.

                    
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