Rev 2002.03

Hierarchy of Generally Accepted Accounting Principles for
Village Districts . For general accounting in areas
not addressed in this rule, village districts 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 to auditing
governmental entities applicable 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
generally accepted 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 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.
Source. #5454, eff 8-28-92; ss by #6128, eff
11-23-95; ss by #6809, eff 7-21-98; ss by #8686, eff 7-21-06; ss by #10675, eff
9-24-14 ; ss by #14072, eff 9-10-24
PART Rev
2003 CLASSIFICATION OF FUNDS AND ACCOUNT GROUPS - GAAP BASIS