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Friday, August 24, 2018

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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