For general accounting in areas not addressed in this chapter, municipalities shall follow, in descending priority sequence, the authoritative sources listed below:

1. (a) The first level shall include:

   1. (1) GASB statements; and
   2. (2) GASB interpretations;

2. (b) The second level shall include:

   1. (1) GASB technical bulletins;
   2. (2) AICPA industry audit and accounting guides made applicable by the AICPA and accepted for use in governmental accounting by the GASB; and
   3. (3) AICPA statements of position made applicable to auditing governmental entities by the AICPA and accepted for use in governmental accounting by the GASB;

3. (c) The third level shall include:

   1. (1) GASB emerging issues task force consensus positions; and
   2. (2) AICPA practice bulletins made applicable to governmental entities by the AICPA and accepted for use in governmental accounting by the GASB;

4. (d) The fourth level shall include:

   1. (1) GASB implementation guides; and
   2. (2) Prevalent accounting practices that are widely recognized by public accountants and certified public accountants, licensed under RSA 309-B, who prepare state and local governmental financial reports consistent with generally accepted accounting principles; and

5. (e) Other sources of guidance shall include:

   1. (1) GASB concepts statements;
   2. (2) Private sector authoritative guidance not applicable to state and local governments;
   3. (3) FASB guidelines that have not been made applicable to state and local governmental accounting by the GASB;
   4. (4) FASB concept statements;
   5. (5) FASAB statements, interpretations, technical bulletins, and concept statements;
   6. (6) AICPA issues papers;
   7. (7) International public sector accounting standards;
   8. (8) International financial reporting standards; and
   9. (9) Accounting textbooks, articles, or pronouncements of other professional associations or regulatory agencies.

Source. #8179, eff 9-24-04 (from Rev 1702.03); ss by #10214, eff 10-24-12; ss by #13489, eff 11-15-22 (formerly Rev 1702.04) (see Revision Note at chapter heading for Rev 1700)