| 2 | | - | (In the Senate - Filed February 6, 2017; February 22, 2017, |
|---|
| 3 | | - | read first time and referred to Committee on State Affairs; |
|---|
| 4 | | - | April 11, 2017, reported favorably by the following vote: Yeas 9, |
|---|
| 5 | | - | Nays 0; April 11, 2017, sent to printer.) |
|---|
| 6 | | - | Click here to see the committee vote |
|---|
| 7 | 2 | | |
|---|
| 8 | 3 | | |
|---|
| 9 | 4 | | A BILL TO BE ENTITLED |
|---|
| 10 | 5 | | AN ACT |
|---|
| 11 | 6 | | relating to financial accounting and reporting requirements for |
|---|
| 12 | 7 | | this state and political subdivisions of this state. |
|---|
| 13 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 14 | 9 | | SECTION 1. Chapter 2266, Government Code, is repealed. |
|---|
| 15 | 10 | | SECTION 2. Section 112.002, Local Government Code, is |
|---|
| 16 | 11 | | amended by adding Subsection (c) to read as follows: |
|---|
| 17 | 12 | | (c) A regulation adopted under this section may not be |
|---|
| 18 | 13 | | inconsistent with generally accepted accounting principles as |
|---|
| 19 | 14 | | established by the Governmental Accounting Standards Board. |
|---|
| 20 | 15 | | SECTION 3. The changes in law made by this Act apply to |
|---|
| 21 | 16 | | financial accounting and reporting by a governmental entity that, |
|---|
| 22 | 17 | | immediately before the effective date of this Act, was subject to |
|---|
| 23 | 18 | | Chapter 2266, Government Code, as repealed by this Act, beginning |
|---|
| 24 | 19 | | with the governmental entity's first fiscal year that begins on or |
|---|
| 25 | 20 | | after September 1, 2018. |
|---|
| 26 | 21 | | SECTION 4. This Act takes effect immediately if it receives |
|---|
| 27 | 22 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 28 | 23 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 29 | 24 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 30 | 25 | | Act takes effect September 1, 2017. |
|---|