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006.09.1 R2-19-4-506. General Reporting and Year End Closing Procedures

AR ADC 006.09.1 R2-19-4-506Arkansas Administrative Code

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 09. Office of Accounting
Rule 1. Rules and Regulations of the Financial Management Guide
Ark. Admin. Code 006.09.1 R2-19-4-506
006.09.1 R2-19-4-506. General Reporting and Year End Closing Procedures
Purpose
This portion of the Guide establishes the State reporting policies and procedures governing the accumulation of accounting data for reporting purposes and the preparation of the State of Arkansas Comprehensive Annual Financial Report (CAFR).
PLEASE NOTE: A table of reports available from AASIS is in appendix P1-19-4-506.
Applicability & Responsibility
Each of the State of Arkansas' agencies, boards, commissions, departments and institutions is primarily responsible for the collection, maintenance, recording and transmission of financial information and other necessary disclosures to permit the Department of Finance & Administration - Office of Accounting - CAFR Section (DFA-OA-CAFR Section) to prepare financial statements and the related footnotes in accordance with Generally Accepted Accounting Principles (GAAP) and official pronouncements of the Governmental Accounting Standards Board (GASB). Each agency, board, commission, department and institution is also required to provide supplementary information and statistical summaries as requested to allow the DFA-OA-CAFR Section to compile schedules and disclosures to be presented in the CAFR. The DFA-OA-CAFR Section is responsible for assisting each entity with its compliance with these reporting requirements, including:
1. Assistance regarding communication methods; notification of missing or erroneous data where possible. Detailed written communications will be distributed prior to fiscal year end from the DFA-OA-CAFR Section, complete with the comprehensive closing package instructions, electronic spreadsheet templates, examples of closing accrual and reversing journal entries and detailed transactional year-end cutoff requirements and their related deadlines. Access the DFA-OA web site for further guidance at the following link (http://www.arkansas.gov/dfa/accounting/index.html);
2. Assistance in resolving certain processing problems; and
3. Training and continuing education regarding State policies, procedures and regulations for accounting and related topics.
Each agency, board, commission, department and institution is responsible for:
1. Ensuring that it is in a position to respond to problems encountered with the integrity and/or transmission of data during critical times, such as fiscal year-end cutoff;
2. Exercising appropriate control over data security;
3. Completion of a management representation letter that certifies the completeness, accuracy, and integrity of data submitted, signed by the Director and Chief Fiscal Officer;
4. Notifying the DFA-OA or AASIS support staff if data problems arise;
5. Notifying the DFA-OA-CAFR Section when the Arkansas Division of Legislative
Audit or any external financial auditor commences field work, so the DFA-OA-CAFR Section agency liaison can assist with accounting issues which may arise and make arrangements to be present at the audit exit conference in order to be knowledgeable of audit findings which are communicated by the auditor so resolution or solutions can be accomplished on a timely basis.
Component Units
Governmental accounting standards prescribe two methods for reporting component units of the State in the CAFR. Depending on the component unit's relationship with the State, it is either blended or reported discretely.
Blended component units are reported as part of the primary State government just like a normal State agency, board, commission, department or institution. Discretely reported component units are reported in a column separate from the primary State government. Component units discretely reported must submit audited financial statements to DFA-OA-CAFR Section.
DFA-OA-CAFR Section personnel assigned to agencies identified as (or having) component units will work with agency personnel to provide additional information and assistance as needed to satisfy reporting requirements.
Current with amendments received through January 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.09.1 R2-19-4-506, AR ADC 006.09.1 R2-19-4-506
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