Ark. Code Ann. § 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. Acts 1973, No. 148, § 7; A.S.A. 1947, § 19-5207; Acts 2011, No. 620, § 6.

(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.

(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.

(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.

(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.

(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.