3 AAC 23.510. Generally accepted accounting principles

(a) Generally accepted accounting principles for a licensee accepting money in a fiduciary capacity are those accounting rules, conventions, and procedures that follow, or that have substantial authoritative support because they are adopted by the following authorities, listed by order of precedence with the highest shown first:

(1) AS 21;

(2) 3 AAC 23.500 - 3 AAC 23.730 and 3 AAC 23.999;

(3) the Financial Accounting Standards Board or its successor organization;

(4) the American Institute of Certified Public Accountants.

(b) Deviation from generally accepted accounting principles is a violation of AS 21.27.350 (d).

History: Eff. 8/29/90, Register 115; am 3/11/98, Register 145; am 3/30/2003, Register 165

Authority: AS 21.06.090

AS 21.27.350

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