How do contractors know when to record a sale for 72A/IFF reporting purposes?
For IFF purposes, GSA recognizes a sale recorded in a manner consistent with the contractor’s accounting system. This method minimizes the administrative burden on contractors.
Clause 552.238-74 specifies the following acceptable points at which contractors may report sales:
(1) receipt of order;
(2) shipment or delivery, as applicable;
(3) issuance of an invoice; or
(4) payment. Any contractor that changes accounting and reporting practices, however, should notify the applicable ACO.