SECTION 660:20-3-2. Financial statements

  Whenever required by the Land Sales Act or any provision of this Chapter, financial statements shall mean a statement of financial position, a statement of income, a statement of retained earnings, a statement of changes in financial position and, when required elsewhere or otherwise required by the Administrator, a separately certified schedule of real estate assets. The separately certified schedule of real estate assets shall disclose real estate held in sufficient detail to identify the subdivided land being offered in Oklahoma and separate parcels thereof acquired at different times or at different costs per acre; the schedule shall disclose the number of acres in each such parcel; the date each such parcel was acquired; the original cost for each such parcel; the amounts of any improvements capitalized and added to the cost basis of each such parcel; and the total amount of the historical cost basis of each such parcel; the amounts of any improvements capitalized and added to the cost basis of each such parcel; and the total amount of historical cost basis of each such parcel, with improvements, adjusted for a depreciation of improvements. All financial statements shall be prepared in accordance with generally accepted accounting principles and practices, unless otherwise provided by the Administrator, and shall be audited and certified by independent accountants, unless otherwise provided elsewhere or by the Administrator.