Arkansas § 14-237-108 Fixed asset records

Arkansas Statutes

§ 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

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(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.

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