1. It is the purpose of the State Accounting Procedures Law to set forth legislative policy governing the State’s financial procedures which relate to accounting and reporting, and to establish a system of accounting for the State that:
(a) Presents fairly and with full disclosure the financial position and the results of financial operations of the funds and account groups of the State in conformity with generally accepted accounting principles; and
(b) Determines and demonstrates compliance with legal and contractual requirements related to finance.
2. The Legislature reserves the sole right to establish funds and account groups not provided for by the Nevada Constitution.