Current through Register Vol. 35, No. 11, June 11, 2024
Section 15.1.8.9 - ACCOUNTING RECORDSA. Each licensee shall keep accurate, complete, legible, and permanent records, in the manner required or approved by the board and in accordance with either generally accepted accounting principles (U.S. GAAP), international financial reporting standards (IFRS) or other comprehensive basis of accounting approved by the board, pertaining to revenue that is taxable or subject to fees under the act. Each licensee that keeps permanent records in an electronic format shall provide to the audit and compliance services division, upon request, a detailed index of computer records in a format satisfactory to the board.B. Each manufacturer, distributor and racetrack gaming operator licensee shall use double-entry accounting and maintain detailed subsidiary records, including the following: (1) detailed records of revenues, expenses, assets, liabilities, and equity of the gaming establishment;(2) gaming machine analysis reports that compare, by each machine, actual hold percentages to theoretical hold percentages;(3) the records required either by the board's minimum standards for internal control systems or, if the board determines that the licensee's system is at least equivalent to the board's minimum standards, the records required by the licensee's system of internal control;(4) journal entries prepared by the licensee and its independent accountant; and(5) any other records that the board specifically requires to be maintained.C. Each nonprofit gaming operator licensee shall use double-entry accounting and maintain detailed subsidiary records for gaming activity as part of their licensed organization's annual financial statements and shall submit a monthly financial reporting package as prescribed by the board.D. If a licensee fails to keep adequate gaming revenue records, the board may compute the amount of taxable revenue upon the basis of an audit conducted by the audit and compliance services division, on the basis of any information within the board's possession, upon statistical analysis, or upon any other basis deemed reasonable by the board.E. Non-profit licensees are required to have a designated gaming accountant, who shall be found suitable as a key person by the board. The gaming accountant shall have a reasonable amount of experience in accounting/bookkeeping.12/31/98; 15.1.8.9 NMAC - Rn & A, 15 NMAC 1.8.9, 10/15/00; A, 5/14/04; A, 2/28/05; A, 12/15/10, Amended by New Mexico Register, Volume XXVI, Issue 19, October 15, 2015, eff. 10/15/2015