Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-04 - Generally accepted accounting principles

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder shall not express
			 an opinion or state affirmatively that financial statements or associated
			 financial data of any entity are presented in conformity with generally
			 accepted accounting principles, or express any negative assurance that such
			 statements or data are in conformity with generally accepted accounting
			 principles in all material respects, unless the financial statements and data
			 are presented in conformity with generally accepted accounting principles
			 applicable to both the entity under examination and to the particular
			 engagement. Generally accepted accounting principles, including the
			 pronouncements defined in paragraph (D), (E), or (F) of this rule, and the
			 hierarchy of their application, are defined in the "Statements of Financial
			 Accounting Standards" issued by the "Financial Accounting Standards Board" and
			 published on its website (
www.fasb.org
).
(B) If the financial statements or associated
			 data in paragraph (A) of this rule contain any departure from the
			 pronouncements defined in paragraph (D), (E), or (F) of this rule, as
			 applicable, that has a material effect on the financial statements and data,
			  then the Ohio permit
			 holder cannot express an opinion on the financial statements and data unless
			 the Ohio permit holder follows the procedure defined in paragraph (C) of this
			 rule.
(C) If the Ohio permit holder
			 can demonstrate that adherence to the pronouncements defined in paragraph (D),
			 (E), or (F) of this rule, as applicable, would result in misleading financial
			 statements or data due to unusual circumstances, the Ohio permit holder's
			 report must describe the departure from the pronouncements, the approximate
			 effects thereof , and the
			 reasons why compliance with the pronouncements would result in misleading
			 financial statements or data.
(D)
			 The primary authoritative source of generally accepted accounting principles
			 for nongovernmental entities are defined as "FASB Accounting Standards
			 Codification" published by the "Financial Accounting Standards Board" and
			 listed on its website (
www.fasb.org
)
(E) The primary authoritative source of
			 generally accepted accounting principles for state and local government
			 entities are defined as "Original Pronouncements: Governmental Accounting and
			 Financial Reporting Standards" and "Codification of Governmental Accounting and
			 Financial Reporting Standards" published by the "Governmental Accounting
			 Standards Board" and listed on its website (
www.gasb.org
)
(F) The primary authoritative source of
			 generally accepted accounting principles for federal government entities are
			 defined as "Original Pronouncements: Statements of Federal Financial Accounting
			 Concepts and Standards" and "Current Text: Statements of Federal Financial
			 Accounting Standards" issued by the "Federal Accounting Standards Advisory
			 Board" and published on its website (
www.fasab.gov
).
(G) An Ohio permit holder may comply with one
			 or more of the "International Financial Reporting Standards" issued by the
			 "International Accounting Standards Board" and published on the "IFRS
			 Foundation" website (
www.ifrs.org
).