Mich. Admin. Code R. 432.765 - Accounting records
Rule 765.
(1) A
sports betting operator and internet sports betting platform provider must
maintain complete, accurate, and legible records of all transactions related to
their internet sports betting operations, including transactions pertaining to
revenues, expenses, assets, liabilities, and equity in conformance with
generally accepted accounting principles.
(2) The board may direct a sports betting
operator and internet sports betting platform provider to alter the manner in
which the records are maintained if the sports betting operators and internet
sports betting platform providers records are not in accordance with generally
accepted accounting principles or if the records are not in sufficient
detail.
(3) The accounting records
must be maintained using a double entry system of accounting with transactions
recorded on the accrual basis and supported by detailed subsidiary
records.
(4) The detailed
subsidiary records must include, at a minimum, all of the following:
(a) Detailed general ledger accounts
identifying all revenue, expenses, assets, liabilities, and equity.
(b) A record of all investments, advances,
loans, and accounts receivable balances due the establishment.
(c) A record of all loans and other accounts
payable.
(d) A record of all
accounts receivable written off as uncollectible.
(e) Journal entries prepared.
(f) Tax work papers used in preparation of
any state or federal tax return if applicable.
(g) Records supporting the accumulation of
the costs for complimentary services and items. A complimentary service or item
provided to individuals in the normal course of a sports betting business must
be recorded in an amount based upon the full retail price normally charged for
the service or item or as is otherwise consistent with generally accepted
accounting principles.
(h) Records
required by the internal control system.
(i) Other records that the board requires to
be maintained.
(5) The
sports betting operator and internet sports betting platform provider must
maintain all records supporting the adjusted gross sports betting
receipts.
(6) If a sports betting
operator or internet sports betting platform provider, or both, fails to
maintain the records used by it to calculate the adjusted gross sports betting
receipts, the board may compute and determine the amount upon the basis of an
audit conducted by the board using available information.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.