| Date: | 07/01/1998 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 98-171 |
This opinion was issued in the third quarter of 1998.
- This page, Summary of Selected Opinion 98-171, is offered by
- Division of Banks
Opinion
Opinion Summary of Selected Opinion 98-171
Table of Contents
Financial statement reporting requirement
The implementing regulation of Mass. Gen. Laws chapter 93, section 24, 209 CMR 18.04(4), requires applicants for collection agency licenses to submit financial statements prepared and audited or reviewed by an independent Certified Public Accountant in accordance with Generally Accepted Accounting Principles. These financial statements must include, at a minimum, a Balance Sheet, Income Statement, Statement of Cash Flows and all relevant notes. These reports must be prepared on the accrual method of accounting. As year-end corporate tax returns do not meet the requirements of 209 CMR 18.04(4), the Division cannot accept the submission of such tax returns in satisfaction of those requirements.