Section Rev 1102.03 - Hierarchy of Generally Accepted Accounting Principles (GAAP) for Schools For general accounting in areas not addressed in this rule, LEA's shall follow, in descending priority sequence, the authoritative sources listed below:
(a) The first level shall include: (2) GASB interpretations;(b) The second level shall include: (1) GASB technical bulletins;(2) AICPA industry audit and accounting guides made applicable by the AICPA and cleared by the GASB; or(3) AICPA statements of position made applicable to auditing governmental entities by the AICPA and cleared by the GASB;(c) The third level shall include: (1) GASB emerging issues task force consensus positions; and(2) AICPA practice bulletins made applicable to government entities by the AICPA and accepted for use in governmental accounting by the GASB;(d) The fourth level shall include: (1) GASB implementation guides; or(2) Prevalent accounting practices widely recognized, among their peers, by public accountants and certified public accountants, licensed under RSA 309-B, who prepare state and local governmental financial reports; and(e) Other sources of guidance shall include: (1) GASB concepts statements;(2) The New Hampshire financial accounting handbook for local education agencies, published by the state department of education, in cooperation with the NH association of school business officials;(3) FASB guidelines that have not been applicable to state and local government accounting by the GASB; and(4) Accounting text books, articles, or pronouncements of other professional associations or regulatory agencies.N.H. Admin. Code § Rev 1102.03
#1536, eff 2-19-80; ss by #2053, eff 6-10-82; ss by #2723, eff 5-23-84, EXPIRED 5-23-90
New. #5072, eff 2-21-91; ss by #6125, eff 11-23-95; ss by #6476, eff 3-26-97; ss by #8306, eff 3-22-05; ss by #10304, eff 3-22-13