GAAP Act

Bill: 113-hr-476
Sponsor: full_name: Rep. Gingrey, Phil [R-GA-11]
Introduced: 2013-02-04
Policy area: Economics and Public Finance
Subjects: Accounting and auditing

Budget deficits and national debt

Budget process

Congressional oversight
Latest action: action_date: 2013-02-04
text: Referred to the House Committee on the Budget.

Summaries:
action_date: 2013-02-04
action_desc: Introduced in House
text: <p>Generally Accepted Accounting Principles Act or GAAP Act - Requires the President's budget submission to include an estimate of the deficit or surplus for the fiscal year concerned, prepared using generally accepted accounting principles.</p> <p>Amends the Congressional Budget Act of 1974 to require the alternative levels of total revenues, total new budget authority, and total outlays (including related surpluses and deficits) covered by the annual Congressional Budget Office (CBO) fiscal policy report to the congressional budget committees on the upcoming fiscal year to be prepared using both cash basis accounting and generally accepted accounting principles.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 476 IN THE HOUSE OF REPRESENTATIVES February 4, 2013 Mr. Gingrey of Georgia (for himself and Mr. Conaway ) introduced the following bill; which was referred to the Committee on the Budget A BILL 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.

1. Short title This Act may be cited as the Generally Accepted Accounting Principles Act or the GAAP Act . 2. Budget deficit calculation using generally accepted accounting principles (a) In general Section 1105(a) of title 31, United States Code, is amended— (1) by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); and (2) by adding at the end the following new paragraph: (40) an estimate of the deficit or surplus for the fiscal year for which the budget is submitted, prepared using generally accepted accounting principles. . (b) Effective date The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2015. 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 . (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.