A person, whether or not practicing under a practice privilege as provided for in §901.462 of the Act (relating to Practice by Out-of-State Practitioner With Substantially Equivalent Qualifications), shall not issue a report asserting that financial statements are presented in conformity with GAAP if such financial statements contain any departure from such accounting principles which has a material effect on the financial statements taken as a whole, unless the person, whether or not practicing under a practice privilege as provided for in §901.462 of the Act can demonstrate that by reason of unusual circumstances the financial statement(s) would otherwise be misleading. The report must describe the departure, the approximate effects thereof, if practicable, and the reasons why compliance with GAAP would result in a misleading statement. For purposes of this section, GAAP is considered to be defined by pronouncements issued by FASB and its predecessor entities and similar pronouncements issued by other entities having similar generally recognized authority.