SB180

Senate Bill 180 amends Arkansas state law to update financial reporting terminology and requirements to align with current standards set by the Governmental Accounting Standards Board (GASB). Specifically, the bill updates language throughout the Arkansas Code to refer to financial documents as an 'annual comprehensive financial report' rather than a 'comprehensive annual financial report.' It mandates that state financial management systems record assets, liabilities, and revenues in accordance with GASB standards. Additionally, the bill outlines detailed reporting requirements for the Office of the Arkansas Lottery, ensuring its financial disclosures remain consistent with updated naming conventions and transparency protocols. The bill acts as a technical update to ensure state statutes accurately reflect modern accounting terminology used by governmental bodies.