IN SB0217

Requires all Indiana municipalities and local governmental units to adopt full accrual method of budgeting, accounting, and financial reporting for all governmental and proprietary funds beginning January 1, 2015

State Board of Accounts must prescribe standards for full accrual accounting as soon as practicable after June 30, 2010, in consultation with the Department of Local Government Finance and Department of Education

Local governments may voluntarily implement early adoption before January 1, 2015 by passing an ordinance or resolution and notifying relevant state agencies

Grants the State Board of Accounts authority to exercise its powers to implement the new accrual accounting requirements

Amends utility receipts tax provisions to make taxpayer accounting methods subject to the new local government accrual accounting requirements