N.H. Admin. Code § Rev 2202.03 - Hierarchy of Generally Accepted Accounting Principles for Counties

For general accounting in areas not addressed in this rule, counties 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 applicable to auditing governmental entities 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 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 consistent with generally accepted accounting principles; 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, technical bulletins, and concept statements;

(6) AICPA issues papers;

(7) International public sector accounting standards;

(8) International financial reporting standards; and

(9) Accounting textbooks, articles, or pronouncements of other professional or regulatory agencies.

Notes

N.H. Admin. Code § Rev 2202.03

#5455, eff 8-28-92; ss by #6808, eff 7-21-98; ss by #8687, eff 7-21-06

Amended byVolume XXXIV Number 33, Filed August 14, 2014, Proposed by #10652, Effective 8/8/2014, Expires8/8/2024. Amended by Number 32, Filed August 8, 2024, Proposed by #14027, Effective 7/16/2024, Expires 7/16/2034 (formerly Rev 2201.16).