Kansas Administrative Regulations
Agency 81 - OFFICE OF THE SECURITIES COMMISSIONER
Article 7 - POLICY RELATING TO REGISTRATION
Section 81-7-3 - Financial statements required for securities registration

Universal Citation: KS Admin Regs 81-7-3

Current through Register Vol. 43, No. 12, March 20, 2024

(a) The historical financial statements in each registration statement or prospectus required under the act shall be presented in conformity with GAAP. In addition, each of the financial statements shall be audited by an independent CPA in accordance with standards of the PCAOB, or in accordance with generally accepted auditing standards in the United States if the audit is not subject to standards of the PCAOB, except under either of the following circumstances:

(1) If an issuer complies with K.A.R. 81-4-2 or K.A.R. 81-7-2(b)(3), as applicable, the financial statements in a registration statement filed by qualification under K.S.A. 17-12a304, and amendments thereto, may be reviewed by an independent CPA rather than audited.

(2) Interim financial statements in a registration statement may be unaudited.

(b) Prospective financial statements may be included in a registration statement or prospectus if the prospective financial statements are presented in the form of financial forecasts, conform with guidelines established by the AICPA, and are accompanied by an examination report of an independent CPA prepared in accordance with standards established by the AICPA. Prospective financial statements shall not be delivered in connection with an offer of securities, unless they are included in the prospectus.

Disclaimer: These regulations may not be the most recent version. Kansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.