1. (a) The Division of Elementary and Secondary Education shall establish and implement a uniform chart of accounts and related codes known as the Arkansas Financial Accounting Handbook (“Arkansas Handbook”) that all LEAs shall use for reporting actual and budgeted revenues and expenditures.

2. (b) The amendments, annual revisions, and financial accounting updates to the Arkansas Financial Accounting Handbook shall be developed with:

   1. (1) Representatives from the Arkansas Association of School Business Officials and the education service cooperatives; and
   2. (2) Other school district officials as designated by the division.
3. (c) Prior to amending the Arkansas Financial Accounting Handbook, the division shall provide written notice via a commissioner’s memo to the LEAs.

4. (d) Amendments, annual revisions, and financial accounting updates shall be effective on July 1 of the next fiscal year or ninety (90) days from the date of the issuance of the commissioner’s memo, whichever is later, unless:

   1. (1) The Commissioner of Elementary and Secondary Education declares an emergency, at which time the change shall be effective immediately upon the date specified in the commissioner’s memo;
   2. (2) A new program or revenue source requires new accounting codes, at which time the change shall be effective immediately upon the date specified in the commissioner’s memo; or
   3. (3) Upon mutual agreement between the affected districts, at which time the change shall be effective immediately upon the date specified in the commissioner’s memo.

Codification Notes: "LEA" means local educational agency.