(a) The financial management system shall be designed to record assets, liabilities, net assets, revenues, expenditures, and other similar transactions in accordance with generally accepted accounting principles. The financial management system shall provide a suitable analysis of the operation, maintenance, and improvement of all state agencies and their functions. This system shall furnish a breakdown and itemization of all financial transactions in accordance with the appropriations and allotments of the General Assembly, federal grants, and bank funds of the agencies.
(b) The Chief Fiscal Officer of the State shall prepare a general ledger manual covering the system of classifying financial transactions and shall supply all agencies with a copy of this manual.
Structure Arkansas Code
Chapter 4 - State Accounting and Budgetary Procedures
Subchapter 5 - Financial Management System
§ 19-4-501. General requirements
§ 19-4-502. Duties of Chief Fiscal Officer of the State generally
§ 19-4-503. Deposit of funds into State Treasury
§ 19-4-504. Requisites of system
§ 19-4-506. Accounting and reporting capabilities
§ 19-4-507. Fund accounting systems
§ 19-4-517. Interim and annual financial reports
§ 19-4-519. Appropriations code manual
§ 19-4-520. Classification of appropriations
§ 19-4-521. Personal services — Definition
§ 19-4-522. Maintenance and general operation
§ 19-4-523. Grants, assistance, and special aid
§ 19-4-524. Construction and permanent improvements
§ 19-4-525. Special appropriations
§ 19-4-527. Authority of Treasurer of State to use certain funding for operations