7-6-4140. Role of department of commerce. (1) The department of commerce shall prescribe for all municipalities:
     (a) general methods and details of accounting as provided in 2-7-504;
     (b) uniform internal and interim reporting systems as provided in 2-7-503;
     (c) annual financial report forms as provided in 2-7-503; and
     (d) general methods and details of accounting for the annual financial report as provided in 2-7-513.
     (2) Municipalities shall file with the department of commerce:
     (a) an annual financial report within 6 months of the fiscal yearend; and
     (b) an audit report within 12 months of the end of the audited period.
     (3) The audit report must be accepted in lieu of the annual financial report if it contains, at a minimum, the municipality's general purpose financial statements and combining and individual fund and account group statements.
     (4) This section does not apply to a municipality that has adopted the alternative accounting method provided for in Title 7, chapter 6, part 6.

     History: En. Sec. 3, Ch. 458, L. 1997.