N.J. Admin. Code § 13:29-3.6

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:29-3.6 - Accounting principles

(a) A licensee or the licensee's firm shall not express an opinion that financial statements are presented in conformity with generally accepted accounting principles (GAAP) if such financial statements contain any departure from such accounting principles which has a material effect on the financial statements taken as a whole, unless the licensee can demonstrate that by reason of unusual circumstances the financial statements would otherwise have been misleading. In such a case, the licensee's report must describe the departure, the approximate effects thereof, if practicable, and the reasons why compliance with the principle would result in a misleading statement.

(b) For purposes of this rule, generally accepted accounting principles (GAAP) are considered to be defined by pronouncements issued by the Financial Accounting Standards Board (FASB) and its predecessor and successor entities and similar pronouncements issued by other entities having similar general recognized authority.

As amended, R.1982 d.407, eff. 11/15/1982.
See: 14 N.J.R. 895(a), 14 N.J.R. 1309(b).
Deleted old text concerning incompatible occupations and added new text concerning accounting principles.
Amended by R.2000 d.222, eff. 6/5/2000.
See: 32 N.J.R. 987(a), 32 N.J.R. 2089(a).
In (a), substituted a reference to the licensee's for his and added GAAP; in (b), added GAAP and FASB.
Amended by R.2011 d.132, effective 5/16/2011.
See: 42 N.J.R. 2720(a), 43 N.J.R. 1260(b).
In (b), inserted "and successor".