19-4-505. State accounting system to conform to generally accepted accounting principles — Legislative intent.

Arkansas Code — all titles (historical 2020) · legal_authorities

19-4-505. State accounting system to conform to generally accepted accounting principles — Legislative intent.

19-4-505. State accounting system to conform to generally accepted accounting principles — Legislative intent. It is the intent of the General Assembly that the state accounting system, as authorized in this subchapter, shall be established in conformity with generally accepted accounting principles as recognized by the Governmental Accounting Standards Board, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, and any successor governing boards. However, the Chief Fiscal Officer of the State shall consult the Legislative Joint Auditing Committee before proposing, adopting, or recommending compliance with any of the generally accepted accounting principles that conflict with law. It is further recognized that the state accounting system should comply with recognized principles of accounting for and reporting of public moneys in order to properly and fairly discharge to the taxpayers our responsibility of adequately accounting for their moneys.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-4-505

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.