CO SB140

State controller must devise and maintain a comprehensive budgeting, accounting, and reporting system for all executive departments and agencies using generally accepted accounting principles applicable to state governments, with implementation by January 1, 2014

Controller must publish an accounting procedures manual describing the system components and applicable standards, to be released contemporaneously with system implementation

General Assembly finds that traditional state government accounting does not provide useful cost information to managers and should be replaced with private sector accounting principles to improve service delivery efficiency

Act takes effect 90 days after final adjournment of the general assembly (August 8, 2012, if adjournment is May 9, 2012), unless subject to a referendum petition requiring voter approval in November 2012