Illinois Legislature Amends Governmental Account Audit Act
Recently,
amendments to the Governmental Account Audit Act became law when they were
approved by the Illinois Governor on August 13, 2018. P.A. 100-837.
Under the new law, a government may file an audit report based on a government's selection
of the accrual, cash, or modified cash basis of accounting. This
new law is in response to the Office of the Illinois Comptroller’s change of
practice to require audited financial statements using accrual basis
accounting. This law clarifies that local governments can continue
submitting audited financial statements with the Comptroller’s Local Government
Division using cash basis accounting. However, local governments who file
audited financial statements using accrual basis accounting after June 30, 2019
will be required to continue filing audited financial statements using accrual
basis accounting.
This
Act took effect immediately upon becoming law on August 13, 2018.
Post Authored by John Reding and Julie Tappendorf
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