Ark. Code Ann. § 14-59-107: Fixed asset records

(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. Acts 1973, No. 159, § 7; A.S.A. 1947, § 19-5307; Acts 2001, No. 1062, § 2; 2011, No. 621, § 3.

(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.

(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.

(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.

(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.