Sec. 3-115b. Generally accepted accounting principles. Implementation.
Sec. 3-115b. Generally accepted accounting principles. Implementation. (a)
Effective with the fiscal year commencing July 1, 2008, the Comptroller, in the Comptroller's sole discretion, may initiate a process intended to result in the implementation of
the use of generally accepted accounting principles, as prescribed by the Governmental
Accounting Standards Board, with respect to the preparation and maintenance of the
annual financial statements of the state pursuant to section 3-115 by making incremental
changes consistent with such generally accepted accounting principles.
(b) The Secretary of the Office of Policy and Management, in the secretary's sole
discretion, may initiate a process intended to result in the implementation of generally
accepted accounting principles, as prescribed by the Governmental Accounting Standards Board, with respect to the preparation of the annual budget of the state.
(c) To implement such accounting principles, the Comptroller and the Secretary of
the Office of Policy and Management may concurrently prepare annual conversion plans
for the respective implementations pursuant to subsection (a) of this section. The conversion plans shall be submitted to the joint standing committee of the General Assembly
having cognizance of matters relating to appropriations and the budgets of state agencies
not later than the date prescribed in section 4-71 for transmission of the budget document
to the General Assembly.
(P.A. 93-402, S. 1-3; P.A. 95-178, S. 1, 2; P.A. 97-305, S. 1, 2; June Sp. Sess. P.A. 99-1, S. 5, 51; June 30 Sp. Sess.
P.A. 03-1, S. 58; P.A. 05-251, S. 92; June Sp. Sess. P.A. 07-1, S. 95; P.A. 08-111, S. 1.)
History: P.A. 95-178 amended Subsec. (a) to postpone use of generally accepted accounting principles with respect to
preparation of annual financial statements and budget from fiscal year commencing July 1, 1995, to fiscal year commencing
July 1, 1997, and amended Subsec. (c) to postpone establishment of balance sheet on the basis of generally accepted
accounting principles from July 1, 1995, to July 1, 1997, and to postpone commencement date for amortization of deferred
charges from fiscal year ending June 30, 1997, to fiscal year ending June 30, 1999, effective July 1, 1995; P.A. 97-305
amended Subsec. (a) to postpone use of generally accepted accounting principles with respect to preparation of annual
financial statements and budget from fiscal year commencing July 1, 1997, to fiscal year commencing July 1, 1999, and
amended Subsec. (c) to postpone establishment of balance sheet on the basis of generally accepted accounting principles
from July 1, 1997, to July 1, 1999, and to postpone commencement date for amortization of deferred charges from fiscal
year ending June 30, 1999, to fiscal year ending June 30, 2001, effective July 1, 1997; June Sp. Sess. P.A. 99-1 amended
Subsec. (a) to postpone use of generally accepted accounting principles with respect to preparation of annual financial
statements and budget from fiscal year commencing July 1, 1999, to fiscal year commencing July 1, 2003, and amended
Subsec. (c) to postpone establishment of balance sheet on the basis of generally accepted accounting principles from July
1, 1999, to July 1, 2003, and to postpone commencement date for amortization of deferred charges from fiscal year ending
June 30, 2001, to fiscal year ending June 30, 2005, effective July 1, 1999; June 30 Sp. Sess. P.A. 03-1 amended Subsec.
(a) by substituting "July 1, 2005" for "July 1, 2003", amended Subsec. (b) by substituting "February 1, 2005" for "February
1, 1994", and amended Subsec. (c) by substituting "July 1, 2005" for "July 1, 2003", "June 30, 2005" for "June 30, 2003",
and "June 30, 2007" for "June 30, 2005", effective August 16, 2003; P.A. 05-251 postponed date of implementation from
July 1, 2005, to July 1, 2007, and adjusted corresponding dates accordingly, effective June 30, 2005; June Sp. Sess. P.A.
07-1 postponed date of implementation from July 1, 2007, to July 1, 2009, and adjusted corresponding dates accordingly,
effective July 1, 2007; P.A. 08-111 divided existing Subsec. (a) into new Subsecs. (a) and (b), amended new Subsec. (a)
to permit Comptroller to initiate process intended to result in implementation of use of generally accepted accounting
principles and make incremental changes in preparation of annual state financial statements consistent with such principles,
amended new Subsec. (b) to permit Secretary of the Office of Policy and Management to initiate process intended to result
in implementation of use of generally accepted accounting principles, redesignated existing Subsec. (b) as new Subsec.
(c) and amended same to permit Comptroller and secretary to prepare annual conversion plans, to be submitted by date
prescribed for transmission of budget document, deleted former Subsec. (c) re preparation of combined balance sheet for
appropriated funds on the basis of generally accepted accounting principles and made technical changes throughout,
effective July 1, 2008.