New Jersey Administrative Code
Title 6A - EDUCATION
Chapter 23A - FISCAL ACCOUNTABILITY, EFFICIENCY AND BUDGETING PROCEDURES
Subchapter 16 - DOUBLE-ENTRY BOOKKEEPING AND GAAP ACCOUNTING
Section 6A:23A-16.3 - Conflicts between legal provisions and GAAP
Universal Citation: NJ Admin Code 6A:23A-16.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) If financial statements prepared in conformity with GAAP do not demonstrate finance-related legal and Federal or State contractual compliance, a district board of education or charter school board of trustees shall present such additional schedules and narrative explanations in the Comprehensive Annual Financial Report as may be necessary to report its legal compliance responsibilities and accountabilities.
(b) Each district board of education and charter school board of trustees shall maintain the accounting system on a legal-compliance basis, and shall include sufficient additional records to permit GAAP-based reporting.
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