HB2534 99TH GENERAL ASSEMBLY

LRB099 06620 JLK 26693 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB2534

Introduced 2/18/2015, by Rep. Michael W. Tryon

SYNOPSIS AS INTRODUCED:

15 ILCS 405/6.01

from Ch. 15, par. 206.01

Amends the State Comptroller Act. Provides that the State's financial accounting and reporting standards shall comply with full accrual accounting standards developed by the Governmental Accounting Standards Board, including, but not be limited to, GASB Statement No. 67 and GASB Statement No. 68. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

WHEREAS, It is the intent of this General Assembly in enacting this amendatory Act of the 99th General Assembly to develop a State budgeting process that reflects the State's duty to report the best estimate of its own financial condition, as well as the principle that the purpose of proper State budgeting is to preserve intergenerational equity, in conformity with the understanding of intergenerational equity promulgated by the Governmental Accounting Standards Board (GASB), especially statements #67 and #68, and to prevent the imposition of undue burdens upon unborn Illinois residents and Illinois residents who, at the time a budget is enacted into law, are too young to vote; therefore

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Comptroller Act is amended by changing Sections 6.01 as follows:

(15 ILCS 405/6.01) (from Ch. 15, par. 206.01)

Sec. 6.01. Specification and establishment of accounting standards and principles. The Comptroller shall specify and establish the financial accounting and reporting standards and principles to be used by all State government and State agencies. The standards and principles shall be effective upon filing by the Comptroller with the Auditor General. Effective January 1, 2016, the financial accounting and reporting standards to be used by all State government and State agencies shall be in compliance with full accrual accounting standards as defined by the Governmental Accounting Standards Board (GASB). These standards shall include, but not be limited to, GASB Statement No. 67 and GASB Statement No. 68. The Comptroller shall maintain and publish the standards and principles as a public document. These standards and principles shall be known as the Generally Accepted Accounting Standards and Principles for Illinois State Government, and shall, whenever possible, be compatible with any similar nationally existing generally accepted accounting standards and principles for government.

In establishing the Generally Accepted Accounting Standards and Principles for Illinois State Government, the Comptroller shall consult with the Governor and the other members of the Executive Branch, the Chief Justice of the Supreme Court, and the leadership of the General Assembly and shall provide to these officials draft copies of any proposed standards at least 90 days prior to their adoption and shall consider any responses or suggestions that these officials may present.

(Source: P.A. 86-1415.)

Section 99. Effective date. This Act takes effect upon becoming law.