7-6-603. Adoption of alternative accounting method. (1) A local government entity may by resolution adopt the alternative accounting method established in 7-6-604.
     (2) A local government entity that adopts the alternative accounting method is considered to have complied with state accounting and financial reporting standards and requirements.
     (3) A local government entity that does not adopt the alternative accounting method is subject to state accounting and financial reporting standards and requirements.
     (4) A local government entity may not adopt the alternative accounting method unless it has received an auditor's unqualified opinion on its annual financial statements prepared for its preceding fiscal year.
     (5) A local government entity that adopts the alternative accounting method by resolution shall submit a copy of the resolution to the department of commerce.

     History: En. Sec. 3, Ch. 430, L. 1995.