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<br /> <br />, <br /> <br />. <br /> <br />. <br /> <br />ARKANSAS RIVER COMPACT ADMINISTRATION <br />NOTES TO CASH BASIS STATEMENTS <br />June 30, 1992 <br /> <br />NOTE 1 - Summary of significant accounting policies; <br /> <br />a. The Administration maintains financial records <br />using the cash basis of accounting. By using <br />the cash basis of accounting, certain revenues. <br />are recognized when received rather than when <br />earned, and certain expenses and purchases of <br />assets are recognized when cash is disbursed <br />rather than when the obligation is incurred. <br /> <br />5 <br />