Section ATCP 101.24 - Financial statement(1) GENERAL. A vegetable contractor's financial statement, filed under s. 126.58, Stats., shall comply with this section and s. 126.58, Stats.(2) LIABILITY DISCLOSURES. A financial statement shall include a detailed description of all notes, mortgages and other long-term liabilities not due or payable within one year. The description shall be included in the financial statement notes or as an attachment to the financial statement. The description shall indicate the nature of the liabilities, the due dates and the payment terms.(3) LIABILITY CLASSIFICATION. A financial statement shall classify, as current liabilities, notes payable that do not have specific due dates.(4) ASSET DISCLOSURES. (a) A financial statement shall specifically identify and explain, in the financial statement notes or as an attachment to the financial statement, the following assets: 1. Every non-trade note or account receivable from an officer, director, employee, partner, or stockholder, or from a member of the family of any of those individuals.2. Every note or account receivable from a parent organization, a subsidiary, or an affiliate, other than an employee. Note: "Affiliate" as defined in s. ATCP 101.20(1) means a person who has significant control or influence. Significant control or influence is a phrase used under generally accepted accounting principals to describe a related party that has sufficient ownership interest to influence the operating and financial policies of an entity.
3. Every note or account that has been receivable for more than one year, unless the vegetable contractor has established an offsetting reserve for uncollectible notes and accounts receivable.(b) A financial statement shall include at least one of the following: 1. An allowance for doubtful or uncollectible receivables. The notes to the financial statement shall describe the method used to account for doubtful or uncollectible receivables.2. A summary classifying the age of all notes and accounts receivable.(5) ATTACHMENTS. If information required under this section is provided in an attachment to a reviewed or audited financial statement, the following requirements apply: (a) The attachment shall be prepared on the letterhead of the certified public accountant who reviewed or audited the financial statement.(b) The certified public accountant who reviewed or audited the financial statement shall certify, in the attachment, whether the certified public accountant has reviewed or audited the attachment.Wis. Admin. Code Department of Agriculture, Trade and Consumer Protection ATCP 101.24
CR 02-113: cr. Register April 2003 No. 568, eff. 5-1-03.