IL HB2534

Amends the State Comptroller Act to require Illinois to use full accrual accounting standards as defined by the Governmental Accounting Standards Board (GASB), effective January 1, 2016.

Mandates compliance with GASB Statement No. 67 and GASB Statement No. 68 for all state government and state agencies' financial accounting and reporting.

Requires the Comptroller to consult with the Governor, Executive Branch members, the Chief Justice of the Supreme Court, and General Assembly leadership before adopting accounting standards, providing draft copies at least 90 days prior to adoption.

Establishes the accounting standards as "Generally Accepted Accounting Standards and Principles for Illinois State Government" to be maintained and published as public documents.

Takes effect immediately upon becoming law.