Regulatory Alerts2023-10-02
Idaho Department of Finance Guidance on Financial Statements and Required Books and Records for State Registered Investment Advisers
The Idaho Department of Finance issued this guidance to address observed discrepancies in State Registered Investment Advisers' financial records, including solvency issues and non-compliance with Generally Accepted Accounting Principles. The document clarifies that RIAs must maintain accurate, current books and records that strictly adhere to GAAP and exclude commingled personal or outside business expenses. Failure to maintain solvency or proper record-keeping may result in the suspension or revocation of the RIA's registration application.
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