SUBSECTION 2.1.1.1
GENERAL

2.1.1.1.1

Purpose

Effective Date:

Sept. 1, 1998

This part serves as the Policies, Regulations, and Procedures manual governing the financial accounting practices of Washington State. It presents statewide requirements covering accounting policies, regulations, and procedures applicable to state agencies.

2.1.1.1.2

Authority

Effective Date:

Sept. 1, 1998

The Budget and Accounting Act contained in Chapter 43.88 RCW requires that the governor, through the director of the Office of Financial Management (OFM), devise and maintain a comprehensive accounting system in conformance with generally accepted accounting principles (GAAP) (see RCW 43.88.037) for use by all state agencies. The purpose of this system is to provide accountability over all revenues, expenditures/expenses, receipts, disbursements, resources (assets), and obligations (liabilities) of the state (see RCW 43.88.160(1)). Additionally, the Budget and Accounting Act grants OFM the authority for the development and issuance of regulations necessary for the proper administration of the Act.

2.1.1.1.3

Applicability

Effective Date:

Sept. 1, 1998

2.1.1.1.3.a

This part applies to all agencies of the state of Washington, unless otherwise exempted by statute. The Budget and Accounting Act defines the term "agency" to mean and include "every state office, officer, each institution, whether educational, correctional or other, and every department, division, board and commission, except as otherwise provided."

2.1.1.1.3.b

Agencies may request a waiver from complying with specific requirements of this part. The request must be in writing and must be approved in writing by the Director of OFM before the waiver may take effect. Such waivers automatically expire at the end of the fiscal biennium for which they were granted and must be re-approved in writing to remain in force.