By: Perry S.B. No. 753
A BILL TO BE ENTITLED
AN ACT
relating to financial accounting and reporting requirements for
this state and political subdivisions of this state.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 2266, Government Code, is repealed.
SECTION 2. Section 112.002, Local Government Code, is
amended by adding Subsection (c) to read as follows:
(c) A regulation adopted under this section may not be
inconsistent with generally accepted accounting principles as
established by the Governmental Accounting Standards Board.
SECTION 3. The changes in law made by this Act apply to
financial accounting and reporting by a governmental entity that,
immediately before the effective date of this Act, was subject to
Chapter 2266, Government Code, as repealed by this Act, beginning
with the governmental entity's first fiscal year that begins on or
after September 1, 2018.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.