Current through Register Vol. 48, 12, December 27, 2024
Section 29-3 - Financial Statements(A) Where an applicant is required to have a financial statement submitted by a certified public accountant, the board may accept a financial statement based on "Other Comprehensive Basis of Accounting" (OCBOA) or on an accepted international accounting standard, only if the certified public accountant expressly indicates in the financial statement that the financial requirements for licensure would be met if the financial statement had been prepared according to "General Accepted Accounting Principles" (GAAP). (B) Financial statements must be submitted in English. (C) The board may accept a financial statement based upon a foreign currency if the applicant provides adequate documentation that shows the net worth or working capital of the company, converted to United States dollars, meets or exceeds the net worth or working capital and other financial requirements of the appropriate license group in which the applicant is applying.(D) Owner-prepared financial statements must be submitted on the form prescribed by the board. The Department will furnish this form to all applicants for initial licensing or renewal in the applicable group limitations. The form must contain assets, liabilities and total net worth or working capital of the licensee. Internal balance sheets or ledgers are not acceptable forms of financial documentation.Amended by State Register Volume 7, Issue No. 6, eff June 24, 1983; State Register Volume 9, Issue No. 2, eff February 22, 1985; State Register Volume 26, Issue No. 6, eff June 25, 1999; State Register Volume 36, Issue No. 6, eff June 22, 2012; State Register Volume 44, Issue No. 02, eff. 2/28/2020; State Register Volume 48, Issue No. 05, eff. 5/24/2024.