Report Title:

GASB 34 Guidelines Implementation; Appropriation

 

Description:

Appropriates funds to implement GASB standards. (SD1)

 

THE SENATE

S.B. NO.

697

TWENTY-FIRST LEGISLATURE, 2001

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to government accounting principles.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The purpose of this Act is to provide funding to ensure that the State of Hawaii is able to comply with the Governmental Accounting Standards Board Standard 34 (GASB 34) requirements while establishing a statewide strategy that will ensure that the State presents financial information that accurately and usefully depicts its financial status through technology.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $          , or so much thereof as may be necessary for fiscal year 2001-2002, for the auditor to perform an assessment of GASB 34 awareness, the resources available to governmental agencies, the existing level of implementation of the GASB 34 standards throughout the State, and a strategy and timeline to ensure that GASB 34 standards are fully implemented by July 1, 2002.

SECTION 3. The sum appropriated shall be expended by the auditor for the purposes of this Act.

SECTION 4. The auditor shall report its findings and recommendations to the legislature at least twenty days prior to the convening of the 2002 regular session.

SECTION 5. This Act shall take effect on July 1, 2001.