Fixed asset records

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Solid Waste Disposal, Waterworks, And Sewers Generally
  5. Arkansas Municipal Water And Sewer Department Accounting Law
  6. Fixed asset records

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  1. (a)

    1. (1) Each water and sewer department's governing body shall adopt a policy defining fixed assets.

    2. (2) At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

  2. (b)

    1. (1) Each department shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the department.

    2. (2) The listing shall be totaled by category with a total for all categories.

    3. (3) The categories of fixed assets shall include the major types, such as:

      1. (A) Land;

      2. (B) Buildings;

      3. (C) Motor vehicles;

      4. (D) Equipment; and

      5. (E) Other.

  3. (c) For each fixed asset, the listing shall contain, as a minimum:

    1. (1) Property item number if used by the department;

    2. (2) Brief description;

    3. (3) Serial number, if available;

    4. (4) Date of acquisition; and

    5. (5) Cost of property.


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