N.Y. State Finance Law § 8-a: Deviations from generally accepted accounting principles

§ 8-a. Deviations from generally accepted accounting principles. In

carrying out the accounting and financial reporting responsibilities

assigned to him by subdivisions two, two-a, nine and nine-a of section

eight of this chapter, the comptroller is authorized to interpret and,

if he deems it necessary, deviate from generally accepted accounting

principles, provided that any deviations shall be subject to the

following requirements:

1. If authoritative national governmental accounting standard-setting

bodies differ with each other as to the specification of generally

accepted accounting principles, the comptroller in the annual report

required by subdivision nine of section eight of this chapter, shall

designate the body whose principles he has chosen to follow and explain

the reasons for his choice.

2. If, because of a change in generally accepted accounting

principles, the comptroller determines that it is not possible to

conform fully with generally accepted accounting principles, the

comptroller shall in such annual report specify the principles that will

be followed and outline a program for future conformance with generally

accepted accounting principles.

3. If, in the opinion of the comptroller, adherence to a particular

aspect of generally accepted accounting principles would result in a

less complete or less fair presentation of the state's financial

position and results of operations than an alternative principle, he

shall specify in such annual report the alternative principle being

followed.

4. If, in the opinion of the comptroller, adherence to a particular

aspect of generally accepted accounting principles is impractical,

prohibitively costly, or undesirable on the basis of cost-benefit

considerations, the comptroller shall specify the alternative principle

being followed, and the reasons including cost information, if relevant,

for his determination in this regard.