(1) All counties, cities and towns shall adhere to the accounting and financial reporting standards adopted by the governmental accounting standards board (see ARM 2.4.411(1) ) .

(2) All counties, cities and towns shall utilize the chart of accounts prescribed by the department in the budgetary, accounting and reporting system for Montana cities, towns and counties (see ARM 2.4.411(2) ) .

(3) All local government entities except school districts and associated cooperatives shall file an annual financial report with the department as required by 2-7-503, MCA.

(4) The annual financial report must be on a form required by the department or, subject to the approval of the department, in a form that provides at least the same information required by the department's form.