SB3794 - Financial Reporting Standards Board Act

• Creates a 6-member Financial Reporting Standards Board (3 appointed by Comptroller, 3 by Governor with Senate consent) to improve timeliness, quality, and processing of state financial reporting.

• Requires at least one member from each appointing authority to be a licensed or registered Certified Public Accountant, with other members having relevant experience in business, government accounting, or finance.

• Board establishes minimum qualifications, training requirements, and continuing education standards for state agency GAAP Coordinators and provides assistance during the financial reporting cycle.

• Requires internal auditors of state agencies submitting GAAP packages to submit annual audits of their GAAP and financial statement processes to the Board for review.

• Exempts employees with advanced skills in accounting, financial reporting, or technical expertise whose duties relate to CAFR submission from state personnel code jurisdictions.

• Act repeals on June 30, 2016.