Ark. Code Ann. § 19-4-518: Design of system

(a) The financial management system shall be designed to record transactions in accordance with generally accepted accounting principles as established by the Governmental Accounting Standards Board. 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.