To establish standards in budgets and uniform financial accounting for all New Mexico public schools and school districts. All budgets and financial accounting of public schools and school districts of the state of New Mexico are to be maintained in accordance with the Public School Code, Chapter 22, NMSA, 1978 Compilation, and Generally Accepted Accounting Principles (GAAP), and federal laws and regulations.
N.M. Admin. Code § 6.20.2.6