N.J. Admin. Code § 5:31-7.5

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:31-7.5 - Compliance with legal provisions

Generally both authorities and special districts are required to follow the applicable provisions of statute and at times such legal provisions may conflict with GAAP. Conflicts between legal provisions and GAAP do not require maintaining two accounting systems. Instead, the accounting system can be maintained on a legal compliance basis, but should include sufficient additional information to permit GAAP based reporting. Specifically, authorities and special districts both have a prescribed budgetary basis to demonstrate legal compliance; notwithstanding, sufficient supplemental records shall be kept to permit presentation of financial statements in conformity with GAAP.