Section Ac 504.02 - Accounting Principles(a) If financial statements or financial data contain any departure from an accounting principle contained in any professional standards incorporated in Ac 504.01 and adopted by the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, or other globally recognized standard setting body that has a material effect on the statements or data taken as a whole, then a licensee shall not: (1) Express an opinion or state affirmatively that the financial statements or other financial data of any entity are presented in conformity with generally accepted accounting principles; or(2) State that they are not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles.(b) If, however, the statements or data contain such a departure and the licensee can demonstrate that due to unusual circumstances the financial statements or data would otherwise have been misleading, the licensee may comply with the rule by describing the departure, its approximate effects, if practicable, and the reasons why compliance with the principle would result in a misleading statement.N.H. Admin. Code § Ac 504.02
#1663, eff 12-17-80; ss by #2475, eff 9-13-83; ss by #3061, eff 7-18-85, EXPIRED: 7-18-91
New. #5366, eff 3-27-92; ss by #6721, INTERIM, eff 3-27-98, EXPIRED: 7-25-98
New. #6905, eff 12-4-98, EXPIRED: 12-4-06
New. #8810, INTERIM, eff 1-25-07, EXPIRED: 7-25-07
New. #9051, eff 12-27-07
Amended by Volume XXXV Number 01, Filed January 8, 2015, Proposed by #10746, Effective 1/1/2015, Expires1/1/2025.Amended by Number 19, Filed May 9, 2024, Proposed by #13932, Effective 6/22/2024, Expires 6/22/2034.