Section 8-A - Deviations from generally accepted accounting principlesIn carrying out the accounting and financial reporting responsibilities assigned to him by subdivisions two, two-a, nine and nine-a of section eight of this chapter, the comptroller is authorized to interpret and, if he deems it necessary, deviate from generally accepted accounting principles, provided that any deviations shall be subject to the following requirements:
1. If authoritative national governmental accounting standard-setting bodies differ with each other as to the specification of generally accepted accounting principles, the comptroller in the annual report required by subdivision nine of section eight of this chapter, shall designate the body whose principles he has chosen to follow and explain the reasons for his choice.2. If, because of a change in generally accepted accounting principles, the comptroller determines that it is not possible to conform fully with generally accepted accounting principles, the comptroller shall in such annual report specify the principles that will be followed and outline a program for future conformance with generally accepted accounting principles.3. If, in the opinion of the comptroller, adherence to a particular aspect of generally accepted accounting principles would result in a less complete or less fair presentation of the state's financial position and results of operations than an alternative principle, he shall specify in such annual report the alternative principle being followed.4. If, in the opinion of the comptroller, adherence to a particular aspect of generally accepted accounting principles is impractical, prohibitively costly, or undesirable on the basis of cost-benefit considerations, the comptroller shall specify the alternative principle being followed, and the reasons including cost information, if relevant, for his determination in this regard.N.Y. State Fin. Law § 8-A