Bill Text: IL HB2534 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB2534 Detail]

Download: Illinois-2015-HB2534-Introduced.html

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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
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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

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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.)

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