15 AAC 160.310 - Review of financial records
(a) The review of
an operator's financial records required under
AS
05.15.165(e) must be
performed by a certified public accountant licensed under AS 08.04.
Multiple-beneficiary permittees authorized under
AS
05.15.145 are subject to the same reporting
requirements as operators under this section.
(b) An operator or a multiple-beneficiary
permittee shall have prepared financial statements that present financial
position, results of operations and cash flows of the gaming operations, and
notes to the financial statements in accordance with generally accepted
accounting principles.
(c) In
addition to the financial statements required by (b) of this section,
information required in (d) and (e) of this section shall be presented in
either the notes to the financial statements or as supplementary information as
appropriate. In formation presented as supplementary information shall be
subjected to the inquiry and analytical procedures applied in the review of the
basic financial statements.
(d)
Notes to the financial statements in (c) of this section must include the
following disclosures:
(1) method of
calculating adjusted gross income;
(2) inventory method concerning bingo and
pull-tab supplies and opened and unopened series of pull-tabs.
(e) Supplementary information in
(c) of this section must include the following material:
(1) explanation of differences, if any, in
methods of financial reporting and reports prepared for this state and the
permittees, and reconciliation of any differences in the statement of
operations and annual report required under
AS
05.15.083(b);
(2) itemized schedule by the permittee
showing gross receipts, prizes, taxes, adjusted gross income, payments of net
proceeds, and authorized expenses excluding operator fees;
(3) itemized schedule of authorized game
related expenses, if not itemized separately in the statement of operations, or
in the schedule under (2) of this subsection.
Notes
Authority:AS 05.15.060
AS 05.15.083
AS 05.15.145
AS 05.15.165
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