26 CAR § 132-101 – Purpose

(a) This part has been promulgated to implement and facilitate Rev. Proc. 01-76, 2001-52 I.R.B. 613, issued by the Internal Revenue Service on December 26, 2001.
(b) Under Arkansas Code § 26-51-401, Arkansas income tax returns must be prepared using the same accounting method as that used for federal income tax purposes.
(c) In order to remain consistent with federal rules on the use of accounting methods, the Secretary of the Department of Finance and Administration has determined that promulgation of this rule is necessary.