Section 247.37. Supplemental statements.

(1) A bidder who maintains accounting records on a cash basis shall submit a record of assets and liabilities on an accrual basis on the schedule provided in the prequalification application.

(2)    A bidder who maintains accounting records on an accrual basis using the completed contract method has the option of submitting a supplemental statement on the schedule provided in the prequalification application which adjusts the completed contract method to the percentage of completion method for prequalification rating. However, the bidder shall obtain approval of the prequalification committee to report using an accounting method other than the method used in maintaining its accounting records. Once having exercised the option, the bidder shall not change the method of reporting  without   written   approval   by  the prequalification committee.

History: 1979 AC; 2002 AACS; 2009 AACS.