CT HB05655

Amends section 3-115b of the general statutes to require the Comptroller and Secretary of the Office of Policy and Management to adopt Generally Accepted Accounting Principles (GAAP) as prescribed by the Governmental Accounting Standards Board.

Mandates GAAP compliance in the preparation of state financial documents and the state budget for the fiscal year ending June 30, 2012.

Requires the Governor and Secretary of the Office of Policy and Management to submit a long-term plan to the Appropriations Committee for addressing cumulative GAAP liability.

Aims to enhance transparency and accountability in state budgeting.