| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R8336 CJC-D | |
| 2 | 2 | By: Frank H.B. No. 3320 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to financial accounting and reporting requirements for | |
| 8 | 8 | this state and political subdivisions of this state. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Chapter 2266, Government Code, is repealed. | |
| 11 | 11 | SECTION 2. Section 112.002, Local Government Code, is | |
| 12 | 12 | amended by adding Subsection (c) to read as follows: | |
| 13 | 13 | (c) A regulation adopted under this section may not be | |
| 14 | 14 | inconsistent with generally accepted accounting principles as | |
| 15 | 15 | established by the Governmental Accounting Standards Board. | |
| 16 | 16 | SECTION 3. The changes in law made by this Act apply to | |
| 17 | 17 | financial accounting and reporting by a governmental entity that, | |
| 18 | 18 | immediately before the effective date of this Act, was subject to | |
| 19 | 19 | Chapter 2266, Government Code, as repealed by this Act, beginning | |
| 20 | 20 | with the governmental entity's first fiscal year that begins on or | |
| 21 | 21 | after September 1, 2018. | |
| 22 | 22 | SECTION 4. This Act takes effect immediately if it receives | |
| 23 | 23 | a vote of two-thirds of all the members elected to each house, as | |
| 24 | 24 | provided by Section 39, Article III, Texas Constitution. If this | |
| 25 | 25 | Act does not receive the vote necessary for immediate effect, this | |
| 26 | 26 | Act takes effect September 1, 2017. |