15 Alaska Admin. Code § 160.310

Current through October 17, 2024

Section 15 AAC 160.310 - Review of financial records

(a) The review of an operator's financial records required under AS 05.15.165(e) must be performed by a certified public accountant licensed under AS 08.04. Multiple-beneficiary permittees authorized under AS 05.15.145 are subject to the same reporting requirements as operators under this section.

(b) An operator or a multiple-beneficiary permittee shall have prepared financial statements that present financial position, results of operations and cash flows of the gaming operations, and notes to the financial statements in accordance with generally accepted accounting principles.

(c) In addition to the financial statements required by (b) of this section, information required in (d) and (e) of this section shall be presented in either the notes to the financial statements or as supplementary information as appropriate. In formation presented as supplementary information shall be subjected to the inquiry and analytical procedures applied in the review of the basic financial statements.

(d) Notes to the financial statements in (c) of this section must include the following disclosures:

(1) method of calculating adjusted gross income;

(2) inventory method concerning bingo and pull-tab supplies and opened and unopened series of pull-tabs.

(e) Supplementary information in (c) of this section must include the following material:

(1) explanation of differences, if any, in methods of financial reporting and reports prepared for this state and the permittees, and reconciliation of any differences in the statement of operations and annual report required under AS 05.15.083(b);

(2) itemized schedule by the permittee showing gross receipts, prizes, taxes, adjusted gross income, payments of net proceeds, and authorized expenses excluding operator fees;

(3) itemized schedule of authorized game related expenses, if not itemized separately in the statement of operations, or in the schedule under (2) of this subsection.

15 AAC 160.310

Eff. 7/30/94, Register 131; am 11/10/96, Register 140

Authority:AS 05.15.060

AS 05.15.083

AS 05.15.145

AS 05.15.165