The bill amends various sections of the Arkansas Code to align state financial reporting and auditing practices with the standards established by the Governmental Accounting Standards Board (GASB). Key changes include the requirement for annual financial audits of state entities to be completed by a date set by the Legislative Auditor, and the specification that annual comprehensive financial reports must cover all funds and account groups of governmental units. The language in the bill replaces the term "comprehensive" with "an annual comprehensive" in several instances to clarify the type of financial reports required.

Additionally, the bill mandates that the state financial management system be designed to adhere to generally accepted accounting principles as established by GASB. It also outlines specific reporting requirements for the Office of the Arkansas Lottery, including the submission of monthly reports and an annual comprehensive financial report that complies with GASB standards. The report must include detailed information about lottery operations, financial performance, and compliance with various regulations, ensuring transparency and accountability in the management of lottery funds.

Statutes affected:
SB 180: 10-4-411(b), 19-4-517(b), 19-4-518(a), 23-115-206(a)
Act 88: 10-4-411(b), 19-4-517(b), 19-4-518(a), 23-115-206(a)