Texas Administrative Code : RULE §501.61 Accounting Principles

DCarsonCPA following the Rules that lead to better Financial Decision Making - this citation from Texas State Rules demonstrating the importance of GAAP Compliant Financials: Texas Administrative Code

TITLE 22	EXAMINING BOARDS
PART 22	TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY
CHAPTER 501	RULES OF PROFESSIONAL CONDUCT
SUBCHAPTER B	PROFESSIONAL STANDARDS
RULE §501.61	Accounting Principles

A person practicing under a practice privilege as provided for in §901.462 of the Act (relating to Practice by Out-of-State Practitioner With Substantially Equivalent Qualifications), shall not issue a report asserting that financial statements are presented in conformity with GAAP if such financial statements contain any departure from such accounting principles which has a material effect on the financial statements taken as a whole, unless the person practicing under a practice privilege as provided for in §901.462 of the Act can demonstrate that by reason of unusual circumstances the financial statement(s) would otherwise be misleading. The report must describe the departure, the approximate effects thereof, if practicable, and the reasons why compliance with GAAP would result in a misleading statement. For purposes of this section, GAAP is considered to be defined by pronouncements issued by FASB and its predecessor entities and similar pronouncements issued by other entities having similar generally recognized authority.

Source Note: The provisions of this §501.61 adopted to be effective June 11, 2000, 25 TexReg 5337; amended to be effective February 17, 2008, 33 TexReg 1091; amended to be effective December 7, 2011, 36 TexReg 8232 Citation as of 7/18/12 ALL Texas Rules corresponding to Accounting must be confirmed as filing or relying. This citation is provided solely for illustrative purposes. DCarsonCPA.com is your link to the practice of Dean T. Carson II, CPA interested in supporting  your needs as eligible in reference to State Rules of Reciprocity - the easiest way to cover the grounds of availablity is to inquire of us and we will do the work to verify. Our business model is built on knowledge, hands on experience, research, and teamwork to support Financial Decision Makers in broad roles accross the lines of Government, Industry, Non Profit and Individual capacities as Financial Decision Makers. Please inquire at info@dcarsoncpa.com to learn more.