Senate Bill 180 Summary

• Amends Arkansas Code § 10-4-411 to change "comprehensive annual comprehensive financial report" to "annual comprehensive financial report" for state entity audits required by the Legislative Auditor

• Amends Arkansas Code § 19-4-517 to adopt "annual comprehensive financial report" terminology for governmental units' financial reporting requirements and allows general purpose financial statements to be issued separately

• Amends Arkansas Code § 19-4-518 to require the state financial management system to record assets, liabilities, net assets, revenues, expenditures, and transactions in accordance with generally accepted accounting principles established by the Governmental Accounting Standards Board

• Amends Arkansas Code § 23-115-206 to require the Arkansas Lottery to submit an "annual comprehensive financial report" complying with Governmental Accounting Standards Board Statement 34 and the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting Program

• Bill approved February 17, 2023