(a) In accordance with Title 10, Subtitle 1 of the State Government Article, the Board shall adopt regulations on price and cost principles based on generally accepted accounting principles.

(b) The principles adopted by the Board shall be used:

(1) as guidelines for negotiations on:

(i) estimated costs or fixed prices;

(ii) price adjustments for contract modifications and change orders; and

(iii) settlements of terminated procurement contracts;

(2) to establish the allowability of costs under procurement contract provisions for the reimbursement of costs; and

(3) in any other situation that requires the establishment of the estimated or incurred costs of performing a procurement contract.