Arkansas § 14-59-107 Fixed asset records

Arkansas Statutes

§ 14-59-107 — Fixed asset records

Arkansas § 14-59-107

Title14

This text of Arkansas § 14-59-107 (Fixed asset records) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-59-107 (2026).

Text

(a)The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

(b)(1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality.

(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, by department;

(D)Equipment, by department; and (E) Other assets.

(c)The listing shall contain as a minimum:

(1)Property item number, if used by the municipality;

(2)Brief description;

(3)Serial number, if available;

(4)Date of acquisition; and (5) Cost of property.

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(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset. (b) (1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality. (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, by department; (D) Equipment, by department; and (E) Other assets. (c) The listing shall contain as a minimum: (1) Property item number, if used by the municipality; (2) Brief description; (3) Serial number, if available; (4) Date of acquisition; and (5) Cost of property.