N.J. Admin. Code § 5:31-7.5 - Compliance with legal provisions
Generally both authorities and special districts are
required to follow the applicable provisions of statute and at times such legal
provisions may conflict with GAAP. Conflicts between legal provisions and GAAP
do not require maintaining two accounting systems. Instead, the accounting
system can be maintained on a legal compliance basis, but should include
sufficient additional information to permit GAAP based reporting. Specifically,
authorities and special districts both have a prescribed budgetary basis to
demonstrate legal compliance; notwithstanding, sufficient supplemental records
Notes
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