New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS
Part 8 - ACCOUNTING REQUIREMENTS UNDER THE GAMING CONTROL ACT
Section 15.1.8.9 - ACCOUNTING RECORDS
Current through Register Vol. 35, No. 18, September 24, 2024
A. Each licensee shall keep accurate, complete, legible, and permanent records, in the manner required or approved by the board and in accordance with either generally accepted accounting principles (U.S. GAAP), international financial reporting standards (IFRS) or other comprehensive basis of accounting approved by the board, pertaining to revenue that is taxable or subject to fees under the act. Each licensee that keeps permanent records in an electronic format shall provide to the audit and compliance services division, upon request, a detailed index of computer records in a format satisfactory to the board.
B. Each manufacturer, distributor and racetrack gaming operator licensee shall use double-entry accounting and maintain detailed subsidiary records, including the following:
C. Each nonprofit gaming operator licensee shall use double-entry accounting and maintain detailed subsidiary records for gaming activity as part of their licensed organization's annual financial statements and shall submit a monthly financial reporting package as prescribed by the board.
D. If a licensee fails to keep adequate gaming revenue records, the board may compute the amount of taxable revenue upon the basis of an audit conducted by the audit and compliance services division, on the basis of any information within the board's possession, upon statistical analysis, or upon any other basis deemed reasonable by the board.
E. Non-profit licensees are required to have a designated gaming accountant, who shall be found suitable as a key person by the board. The gaming accountant shall have a reasonable amount of experience in accounting/bookkeeping.