21 NCAC 08N .0405         GOVERNMENTAL ACCOUNTING STANDARDS

(a)  Standards for Governmental Accounting. A CPA shall not permit the CPA's name to be associated with governmental financial statements for a client unless the CPA has complied with the standards for governmental accounting.

(b)  Statements on Governmental Accounting and Financial Reporting Services. The Statements on Governmental Accounting and Financial Reporting Services issued by the GASB, including subsequent amendments and editions, are hereby adopted by reference, as provided by G.S. 150B-21.6, and shall be considered as the approved standards for governmental accounting for the purposes of Paragraph (a) of this Rule. Departures from the statements listed in this Paragraph shall be justified by those who do not follow them as set out in the statements.

(c)  Copies of Statements. Copies of the Statements on Governmental Accounting and Financial Reporting Standards, including technical bulletins and interpretations, may be inspected in the offices of the Board, as described in 21 NCAC 08A .0102.  Copies may be obtained from the GASB, Post Office Box 30784, Stamford, CT 06150. They are available at cost, which is one hundred eighty-four dollars ($184.00).  In addition to the basic set, an updating subscription service is available for two hundred twenty-five dollars ($225.00) annually.

 

History Note:        Authority G.S. 55B‑12; 57D-2-02; 93‑12(9);

Eff. April 1, 1999;

Amended Eff. July 1, 2010; February 1, 2006;

Readopted Eff. February 1, 2016.