In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example input: SECTION 1. LIABILITY OF BUSINESS ENTITIES PROVIDING USE OF FACILITIES
TO NONPROFIT ORGANIZATIONS.

(a) Definitions.--In this section:
(1) Business entity.--The term ''business entity'' means a
firm, corporation, association, partnership, consortium, joint
venture, or other form of enterprise.
(2) Facility.--The term ''facility'' means any real
property, including any building, improvement, or appurtenance.
(3) Gross negligence.--The term ''gross negligence'' means
voluntary and conscious conduct by a person with knowledge (at
the time of the conduct) that the conduct is likely to be
harmful to the health or well-being of another person.
(4) Intentional misconduct.--The term ''intentional
misconduct'' means conduct by a person with knowledge (at the
time of the conduct) that the conduct is harmful to the health
or well-being of another person.
(5) Nonprofit organization.--The term ''nonprofit
organization'' means--
(A) any organization described in section 501(c)(3)
of the Internal Revenue Code of 1986 and exempt from
tax under section 501(a) of such Code; or
(B) any not-for-profit organization organized and
conducted for public benefit and operated primarily for
charitable, civic, educational, religious, welfare, or
health purposes.
(6) State.--The term ''State'' means each of the several
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Virgin Islands, Guam, American Samoa, the Northern
Mariana Islands, any other territory or possession of the
United States, or any political subdivision of any such State,
territory, or possession.
(b) Limitation on Liability.--
(1) In general.--Subject to subsection (c), a business
entity shall not be subject to civil liability relating to any
injury or death occurring at a facility of the business entity
in connection with a use of such facility by a nonprofit
organization if--
(A) the use occurs outside of the scope of business
of the business entity;
(B) such injury or death occurs during a period
that such facility is used by the nonprofit
organization; and
(C) the business entity authorized the use of such
facility by the nonprofit organization.
(2) Application.--This subsection shall apply--
(A) with respect to civil liability under Federal
and State law; and
(B) regardless of whether a nonprofit organization
pays for the use of a facility.
(c) Exception for Liability.--Subsection (b) shall not apply to an
injury or death that results from an act or omission of a business
entity that constitutes gross negligence or intentional misconduct,
including any misconduct that--
(1) constitutes a crime of violence (as that term is
defined in section 16 of title 18, United States Code) or act
of international terrorism (as that term is defined in section
2331 of title 18) for which the defendant has been convicted in
any court;
(2) constitutes a hate crime (as that term is used in the
Hate Crime Statistics Act (28 U.S.C. 534 note));
(3) involves a sexual offense, as defined by applicable
State law, for which the defendant has been convicted in any
court; or
(4) involves misconduct for which the defendant has been
found to have violated a Federal or State civil rights law.
(d) Superseding Provision.--
(1) In general.--Subject to paragraph (2) and subsection
(e), this Act preempts the laws of any State to the extent that
such laws are inconsistent with this Act, except that this Act
shall not preempt any State law that provides additional
protection from liability for a business entity for an injury
or death with respect to which conditions under subparagraphs
(A) through (C) of subsection (b)(1) apply.
(2) Limitation.--Nothing in this Act shall be construed to
supersede any Federal or State health or safety law.
(e) Election of State Regarding Nonapplicability.--This Act shall
not apply to any civil action in a State court against a business
entity in which all parties are citizens of the State if such State
enacts a statute--
(1) citing the authority of this subsection;
(2) declaring the election of such State that this Act
shall not apply to such civil action in the State; and
(3) containing no other provision.
Example output: Shields a business entity from civil liability relating to any injury or death occurring at a facility of that entity in connection with a use of such facility by a nonprofit organization if: (1) the use occurs outside the scope of business of the business entity; (2) such injury or death occurs during a period that such facility is used by such organization; and (3) the business entity authorized the use of such facility by the organization.
Makes this Act inapplicable to an injury or death that results from an act or omission of a business entity that constitutes gross negligence or intentional misconduct, including misconduct that: (1) constitutes a hate crime or a crime of violence or act of international terrorism for which the defendant has been convicted in any court; or (2) involves a sexual offense for which the defendant has been convicted in any court or misconduct for which the defendant has been found to have violated a Federal or State civil rights law.
Preempts State laws to the extent that such laws are inconsistent with this Act, except State law that provides additional protection from liability. Specifies that this Act shall not be construed to supersede any Federal or State health or safety law.
Makes this Act inapplicable to any civil action in a State court against a business entity in which all parties are citizens of the State if such State, citing this Act's authority and containing no other provision, enacts a statute declaring the State's election that this Act shall not apply to such action in the State.
Example explanation: This Bill focuses on shielding business entities from civil liability relating to an injury or death depending on the conditions of injury, hence the generated summary is correct.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Financial Accounting Standards Board
Act''.

SEC. 2. DEFINITIONS.

As used in this Act--
(1) FASB.--The term ''FASB'' means the Financial Accounting
Standards Board.
(2) Federal regulatory program.--The term ''Federal
regulatory program'' means a program enacted under the
authority of the Commerce Clause of the Constitution and
providing for the regulation of the interstate or foreign
commerce of the United States, or the use of the means or
instrumentalities of such commerce.
(3) Person.--The term ''person'' includes corporations,
companies, associations, firms, partnerships, societies, and
joint stock companies, as well as individuals, but does not
include an agency or instrumentality of Federal, State, or
local government.

SEC. 3. STANDARDS AUTHORITATIVE.

The standards of financial accounting and reporting promulgated by
the FASB shall be authoritative for the purpose of determining
compliance with generally accepted accounting principles by any person
under any Federal regulatory program.

SEC. 4. DUTY OF FASB.

The duty of the FASB shall be to establish and improve, after
independent and impartial deliberation, standards of financial
accounting and reporting for any person. To accomplish its duty, the
FASB shall act to--
(1) improve the usefulness to present and potential
investors, creditors, and other users, of financial reporting
made by firms in interstate commerce focusing on the primary
characteristics of relevance and reliability;
(2) keep standards current to reflect changes in methods of
doing business and changes in the economic environment;
(3) consider promptly any significant areas of deficiency
in financial reporting that might be improved through the
standard-setting process;
(4) promote the international convergence of accounting
standards concurrent with improving the quality of financial
reporting; and
(5) improve the common understanding of the nature and
purposes of information contained in financial reports.

SEC. 5. REQUIREMENTS FOR ESTABLISHMENT OF ACCOUNTING STANDARDS.

(a) General Principles.--In promulgating and revising standards of
financial accounting and reporting, the FASB shall follow the following
principles:
(1) Financial reporting should provide information that is
useful to present and potential investors and creditors and
other users in making rational investment, credit, and similar
decisions. The information should be comprehensible to those
who have a reasonable understanding of business and economic
activities and are willing to study the information with
reasonable diligence.
(2) Financial reporting should provide information to help
present and potential investors and creditors and other users
in assessing the amounts, timing, and uncertainty of
prospective cash receipts from dividends or interest and the
proceeds from the sale, redemption, or maturity of the
securities or loans.
(3) Financial reporting should provide information about
the economic resources of an enterprise, the claims to those
resources (obligations of the enterprise to transfer resources
to other entities and owners' equity), and the effects of
transactions, events, and circumstances that change resources
and claims to those resources.
(b) Operating Objectives.--The FASB shall promote the following
objectives in the conduct of its activities:
(1) To be objective in its decision making and to ensure,
insofar as possible, the neutrality of information resulting
from its standards. To be neutral, information must report
economic activity as faithfully as possible without coloring
the image it communicates for the purpose of influencing
behavior in any particular direction.
(2) To weigh carefully the views of its constituents in
developing concepts and standards. However, the ultimate
determinant of concepts and standards must be the FASB's
judgment, based on research, public input, and careful
deliberation about the usefulness of the resulting information.
(3) To bring about needed changes in ways that minimize
disruption to the continuity of reporting practice, including
establishment of reasonable effective dates and transition
provisions when new standards are introduced. Change should be
evolutionary to the extent that it can be accommodated by the
need for relevance, reliability, comparability, and
consistency.
(4) To review the effects of past decisions and interpret,
amend, or replace standards in a timely fashion when such
action is indicated.
(c) Primary Standard Requiring Adherence to Principles.--
(1) Promulgation required.--The FASB shall promulgate a
primary standard requiring the application of the principles
articulated in subsection (a) of this section to financial
accounting and reporting. Except as provided in paragraph (2),
such primary standard shall prohibit the application of any
other standard of financial accounting and reporting
promulgated by the FASB in a manner, or with a result, that
fails to comply with such principles.
(2) Deviations explained and justified.--The primary
standard promulgated pursuant to this subsection may allow for
deviation from the application of such principles only if an
explanation and justification for the basis of the deviation is
specifically articulated and made public.
(d) Establishment of Additional Standards.--The FASB shall develop
additional standards of financial accounting and reporting to address
issues relating to--
(1) off-balance-sheet accounting practices and standards,
and accounting requirements for special-purpose entities, in a
manner that is based on principles for determining bona fide
economic control; and
(2) requirements for marked-to-market accounting, including
consideration of the application of fair value to agreements
involving commitments on the part of an issuer.
(e) Additional Projects.--
(1) Fair value project.--Within one year after the date of
enactment of this Act, FASB shall complete work on the project
entitled ''Measuring All Financial Assets and Liabilities at
Fair Value''.
(2) Revenue and liability recognition proposal.--Within 18
months after the date of enactment of this Act, FASB shall
complete work on the proposal entitled ''Proposal for new
agenda project: Issues relating to the recognition of revenues
and liabilities''.

SEC. 6. PRESERVATION OF AUTHORITY.

Nothing in this Act shall be construed to limit--
(1) the authority of the Securities and Exchange Commission
under the securities laws (as such term is defined in section
3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)(47)); or
(2) the authority of any other Federal agency under the
laws applicable to a Federal regulatory program administered by
such agency.

SEC. 7. REPORTS.

(a) FASB Reports.--
(1) Annual reports.--The FASB shall transmit annual reports
to the President, the Committee on Energy and Commerce of the
House of Representatives, and the Committee on Banking,
Housing, and Urban Affairs of the Senate.
(2) Contents of reports.--Each report transmitted under
this subsection shall include the following:
(A) Assessment of resources.--An assessment by the
FASB of the resources available, and the sufficiency of
those resources, to carry out the purposes and
requirements of this Act.
(B) Evaluation of compliance.--An evaluation by the
FASB of the extent of the compliance of financial
statements with the standards of financial accounting
and reporting promulgated by the FASB and with the
requirements, objectives, and principles of sections 4
and 5.
(C) Progress on unresolved issues.--A statement by
the FASB of the progress made by the FASB in the
resolution of unresolved accounting standards issues.
(D) Progress on treatment of intangible assets.--A
statement of progress made by the FASB in modernizing
and improving the accounting treatment for intellectual
property and other intangible assets.
(3) Report on primary principle resolution.--The first
report transmitted under this subsection shall indicate the
resolution by the FASB of the issues identified in section
5(c).
(b) GAO Reports.--
(1) Annual reports required.--The Comptroller General shall
transmit annual reports to the President, the Committee on
Energy and Commerce of the House of Representatives, and the
Committee on Banking, Housing, and Urban Affairs of the Senate
on the FASB.
(2) Contents of reports.--Each report transmitted under
this subsection shall include the following:
(A) Progress on unresolved issues.--An evaluation
of the FASB's progress in resolving unresolved
accounting standards issues, including a description of
such issues, the plans and timetables concerning, and
resources available for, the resolution of such issues,
and the reasons for any delays in resolving such
issues.
(B) Assessment of fasb independence.--An assessment
of the extent to which the FASB has maintained its
independence and objectivity, including an assessment
of any impairment of such independence and objectivity
resulting from the methods by which the FASB obtains
the resources required for its operations.
(C) Evaluation of procedures.--An evaluation of the
procedures followed by the FASB in accounting standard
setting, including the due process accorded to
interested parties, the efficiency of FASB procedures
in resolving issues, and the extent of the compliance
by the FASB with its own procedural requirements.
(c) Unresolved Accounting Standards Issues.--For the purposes of
this section, the term ''unresolved accounting standards issue'' means
the open agenda items of the FASB and the FASB's Emerging Issues Task
Force, and any other issues that this Act has added to that agenda.
A:
Financial Accounting Standards Board Act - States that the duty of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting.Cites general principles and operating objectives to be followed when establishing financial accounting and reporting standards.Instructs the FASB to develop additional standards relating to: (1) off-balance-sheet accounting practices and standards, and accounting requirements for special-purpose entities, in a manner that is based on principles for determining bona fide economic control; and (2) marked-to-market accounting, including consideration of fair value to agreements involving commitments on the part of an issuer.Instructs the FASB to complete work on: (1) the project entitled "Measuring All Financial Assets and Liabilities at Fair Value;" and (2) the proposal entitled "Proposal for new agenda project: Issues relating to the recognition of revenues and liabilities."