N.H. Admin. Code § Rev 1702.05

Current through Register No. 45, November 7, 2024

Section Rev 1702.05 - Hierarchy of Generally Accepted Accounting Principles for Municipalities

For general accounting in areas not addressed in this chapter, municipalities shall follow, in descending priority sequence, the authoritative sources listed below:

(a) The first level shall include:

(1) GASB statements; and

(2) GASB interpretations;

(b) The second level shall include:

(1) GASB technical bulletins;

(2) AICPA industry audit and accounting guides made applicable by the AICPA and accepted for use in governmental accounting by the GASB; and

(3) AICPA statements of position made applicable to auditing governmental entities by the AICPA and accepted for use in governmental accounting by the GASB;

(c) The third level shall include:

(1) GASB emerging issues task force consensus positions; and

(2) AICPA practice bulletins made applicable to governmental entities by the AICPA and accepted for use in governmental accounting by the GASB;

(d) The fourth level shall include:

(1) GASB implementation guides; and

(2) Prevalent accounting practices that are widely recognized by public accountants and certified public accountants, licensed under RSA 309-B, who prepare state and local governmental financial reports consistent with generally accepted accounting principles; and

(e) Other sources of guidance shall include:

(1) GASB concepts statements;

(2) Private sector authoritative guidance not applicable to state and local governments;

(3) FASB guidelines that have not been made applicable to state and local governmental accounting by the GASB;

(4) FASB concept statements;

(5) FASAB statements, interpretations, technical bulletins, and concept statements;

(6) AICPA issues papers;

(7) International public sector accounting standards;

(8) International financial reporting standards; and

(9) Accounting textbooks, articles, or pronouncements of other professional associations or regulatory agencies.

N.H. Admin. Code § Rev 1702.05

#8179, eff 9-24-04 (from Rev 1702.03); ss by #10214, eff 10-24-12; Derived from Volume XLII Number 49, Filed December 8, 2022, Proposed by #13489, Effective 11/15/2022, Expires 11/15/2032 (formerly Rev 1702.04) (see Revision Note at chapter heading for Rev 1700)