7-6-601. Purpose. The purpose of this part is to create an accounting method for local governments that provides an alternative to following the detailed bookkeeping rules contained in this title that have been built up over decades and to encourage local governments to adopt generally accepted accounting principles and auditing standards. These principles are more rigorous, comprehensive, and businesslike than those contained elsewhere in this title. It is the intent of the legislature that all local governments eventually follow generally accepted accounting principles and auditing standards.

     History: En. Sec. 1, Ch. 430, L. 1995.