Illinois General Assembly - Illinois Compiled Statutes

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15 ILCS 405/6.01

(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.  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.)