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.
