SB 190 Summary

• Requires state agencies, state educational institutions, and political subdivisions to maintain accounts on an accrual basis after December 31, 2013.

• Mandates inclusion of accrual basis information in budgets and financial reports after December 31, 2014, showing full costs of operations including unfunded future health, pension, and other post-employment benefits.

• State board of accounts must prescribe a conversion plan by October 1, 2013 for entities to follow when transitioning to accrual accounting.

• Modifies budget report requirements to include six parts instead of five, with the sixth part containing supplemental accrual basis information for budget reports submitted after December 31, 2013.

• Effective July 1, 2013.