Bill Text: TX HB3320 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to financial accounting and reporting requirements for this state and political subdivisions of this state.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-04-04 - Referred to Government Transparency & Operation [HB3320 Detail]
Download: Texas-2017-HB3320-Introduced.html
| 85R8336 CJC-D | ||
| By: Frank | H.B. No. 3320 | |
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| 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 Chapter 2266, Government Code, is repealed.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| Chapter 2266, Government Code, as repealed by this Act, beginning | ||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. | ||
