New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 31 - LOCAL AUTHORITIES
Subchapter 7 - ACCOUNTING AND AUDITING
Section 5:31-7.3 - Determining the financial reporting entity

Universal Citation: NJ Admin Code 5:31-7.3
Current through Register Vol. 56, No. 18, September 16, 2024

The definition of a financial reporting entity shall be based on the concept of financial accountability. A primary objective of authorities' and special districts' financial reporting should be to provide users of financial statements with a basis for assessing the accountability of their respective elected/appointed officials, responsible for the operations of their specially created organizations. The financial statements of the reporting entity shall provide for distinguishing between the following: primary government, component unit, joint venture, jointly governed organization, or another stand-alone government, by communicating such information to the users thereof. Such selection of the financial reporting entity shall be made by the governing body pursuant to GAAP criteria and be presented in the entity's financial statements pursuant to GAAP reporting standards.

Disclaimer: These regulations may not be the most recent version. New Jersey 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.