Arkansas Code
Chapter 237 - Arkansas Municipal Water And Sewer Department Accounting Law
§ 14-237-108. Fixed asset records

(a)
(1) Each water and sewer department's governing body shall adopt a policy defining fixed assets.
(2) At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

(b)
(1) Each department shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the department.
(2) The listing shall be totaled by category with a total for all categories.
(3) The categories of fixed assets shall include the major types, such as:
(A) Land;
(B) Buildings;
(C) Motor vehicles;
(D) Equipment; and
(E) Other.

(c) For each fixed asset, the listing shall contain, as a minimum:
(1) Property item number if used by the department;
(2) Brief description;
(3) Serial number, if available;
(4) Date of acquisition; and
(5) Cost of property.