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.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2534LRB099 06620 JLK 26693 b

1    AN ACT concerning State government.
 
 
2    WHEREAS, It is the intent of this General Assembly in
3enacting this amendatory Act of the 99th General Assembly to
4develop a State budgeting process that reflects the State's
5duty to report the best estimate of its own financial
6condition, as well as the principle that the purpose of proper
7State budgeting is to preserve intergenerational equity, in
8conformity with the understanding of intergenerational equity
9promulgated by the Governmental Accounting Standards Board
10(GASB), especially statements #67 and #68, and to prevent the
11imposition of undue burdens upon unborn Illinois residents and
12Illinois residents who, at the time a budget is enacted into
13law, are too young to vote; therefore
 
14    Be it enacted by the People of the State of Illinois,
15represented in the General Assembly:
 
16    Section 5. The State Comptroller Act is amended by changing
17Sections 6.01 as follows:
 
18    (15 ILCS 405/6.01)  (from Ch. 15, par. 206.01)
19    Sec. 6.01. Specification and establishment of accounting
20standards and principles. The Comptroller shall specify and
21establish the financial accounting and reporting standards and

 

 

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1principles to be used by all State government and State
2agencies. The standards and principles shall be effective upon
3filing by the Comptroller with the Auditor General. Effective
4January 1, 2016, the financial accounting and reporting
5standards to be used by all State government and State agencies
6shall be in compliance with full accrual accounting standards
7as defined by the Governmental Accounting Standards Board
8(GASB). These standards shall include, but not be limited to,
9GASB Statement No. 67 and GASB Statement No. 68. The
10Comptroller shall maintain and publish the standards and
11principles as a public document. These standards and principles
12shall be known as the Generally Accepted Accounting Standards
13and Principles for Illinois State Government, and shall,
14whenever possible, be compatible with any similar nationally
15existing generally accepted accounting standards and
16principles for government.
17    In establishing the Generally Accepted Accounting
18Standards and Principles for Illinois State Government, the
19Comptroller shall consult with the Governor and the other
20members of the Executive Branch, the Chief Justice of the
21Supreme Court, and the leadership of the General Assembly and
22shall provide to these officials draft copies of any proposed
23standards at least 90 days prior to their adoption and shall
24consider any responses or suggestions that these officials may
25present.
26(Source: P.A. 86-1415.)
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.