Section Rev 2002.03 - Hierarchy of GAAP for Village Districts For general accounting in areas not addressed in this rule, village districts shall follow, in descending priority sequence, the authoritative sources listed below:
(a) The first level shall include: (1) GASB statements ; and(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 accepted for use in governmental accounting by the GASB; and(3) AICPA statements of position made to auditing governmental entities applicable by the AICPA and accepted for use in governmental accounting 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 governmental entities by the AICPA; and accepted for use in governmental accounting by the GASB;(d) The fourth level shall include: (1) GASB implementation guides; and(2) Prevalent generally accepted accounting practices that are widely recognized 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) Private sector authoritative guidance not applicable to state and local governments;(3) FASB guidelines that have not been made applicable to state and local governmental accounting by the GASB;(4) FASB Concept Statements;(5) FASAB Statements, Interpretations, TBs, and Concept Statements;(7) International Public Sector accounting standards;(8) International financial reporting standards; and(9) Accounting textbooks, articles, or pronouncements of other professional or regulatory agencies.N.H. Admin. Code § Rev 2002.03
#5454, eff 8-28-92; ss by #6128, eff 11-23-95; ss by #6809, eff 7-21-98; ss by #8686, eff 7-21-06
Amended byVolume XXXIV Number 41, Filed October 9, 2014, Proposed by #10675, Effective 9/24/2014, Expires9/24/2024.