H.R.476 - Generally Accepted Accounting Principles Act
To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles, and to amend the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit the same with its report to the Committees on the Budget of the House of Representatives and the Senate.
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To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles, and to amend the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit the same with its report to the Committees on the Budget of the House of Representatives and the Senate.CommentsClose CommentsPermalink
Mr. GINGREY of Georgia (for himself and Mr. CONAWAY) introduced the following bill; which was referred to the Committee on the BudgetCommentsClose CommentsPermalink
To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles, and to amend the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit the same with its report to the Committees on the Budget of the House of Representatives and the Senate.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘Generally Accepted Accounting Principles Act’ or the ‘GAAP Act’.CommentsClose CommentsPermalink
SEC. 2. BUDGET DEFICIT CALCULATION USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
(1) by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); andCommentsClose CommentsPermalink
‘(40) an estimate of the deficit or surplus for the fiscal year for which the budget is submitted, prepared using generally accepted accounting principles.’.CommentsClose CommentsPermalink
(b) Effective Date- The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2015.CommentsClose CommentsPermalink
SEC. 3. CONGRESSIONAL BUDGET OFFICE REPORT TO THE COMMITTEES ON THE BUDGET OF THE HOUSE OF REPRESENTATIVES AND THE SENATE.
(a) In General- Section 202(e)(1)(A) of the Congressional Budget Act of 1974 (2 U.S.C. 602(e)(1)(A)) is amended by inserting ‘prepared using both cash basis accounting and generally accepted accounting principles’ after ‘(including related surpluses and deficits’.CommentsClose CommentsPermalink
(b) Effective Date- The requirement added by subsection (a) shall take effect beginning with the report that the Director of the Congressional Budget Office submits in 2015.CommentsClose CommentsPermalink
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U.S. Congress - Text of H.R.476 as Introduced in House Generally Accepted Accounting Principles Act
