Mich. Admin. Code R. 451.4.18 - Financial statements

Rule 4.18.

(1) Subject to subrule (4) of this rule, financial statements, when they are required to be filed with the administrator pursuant to the act, an administrative rule, or order of the administrator, must consist of a balance sheet, a statement of cash flows, an income statement, and a statement of all shareholders or members equity.

(2) Subject to subrule (4) of this rule, any financial statements required to be filed with the administrator pursuant to any provision of the act, administrative rule, or order of the administrator, must be prepared in accordance with generally accepted accounting principles.

(3) Financial statements must be prepared on a consolidated basis unless otherwise required by the administrator or its designee.

(4) A filer of financial statements may request in writing to be exempt from the requirements of subrules (1), (2), and (3) of this rule. The administrator, upon good cause shown in a request made pursuant to this subrule, may issue an order exempting a filer from the requirements of subrules (1), (2), and (3) of this rule.

(5) The administrator may in its discretion require a filer of financial statements to submit financial statements that have been audited by an independent certified public accountant who shall also issue an opinion on the financial statements.

Notes

Mich. Admin. Code R. 451.4.18

2019 MR 1, Eff. 7/3/2019