SECTION 463

(1) General accounting shall show budgetary transactions, cash transactions, transactions with third parties, flows of operating assets and values. (2) The general accounting of local authorities shall be based on the principle of recognition of rights and obligations. Transactions shall be taken into account under their related financial year, notwithstanding the date of payment or encashment. (3) General accounts shall be kept according to the double entry system. Accounting principles shall be defined by the sector-based accounting system of local authorities, laid down by regulation. (4) The rules applicable to the general accounting of local authorities shall be based on State accounting standards. They shall be intended to produce: - the net position or balance sheet table, or a statement summarizing the financial assets and liabilities of local authority; - the cash flow statement; - the table of financial transactions of the local authority.