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Title 12 . Professional and Vocational Regulations
Chapter 4 . Big Game Guides and Transporters
Section 33. Accounting principles

12 AAC 04.033. Accounting principles

(a) An accountant may not express an opinion that financial statements are presented in conformity with generally accepted accounting principles if those statements contain any departure from a generally accepted accounting principle which has a material effect on the statements taken as a whole unless the accountant can demonstrate that due to unusual circumstances the financial statements would otherwise have been misleading. In such cases his or her report must describe the departure, the approximate effects of it, if practicable, and the reasons why compliance with the principle would result in a misleading statement.

(b) Generally accepted accounting principles include, but are not limited to

(1) statements of financial accounting standards adopted by the Financial Accounting Standards Board which are in effect when the financial statements are issued;

(2) accounting research bulletins and opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants which are not superseded by action of the Financial Accounting Standards Board.

History: Eff. 1/18/78, Register 64

Authority: AS 08.04.070 (b)

AS 08.04.080


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Last modified 7/05/2006