H.Res.545 - Expressing the sense of the House of Representatives that the Federal Government should adopt and use accrual basis generally accepted accounting principles for Government budgeting, financial reporting, and performance evaluation purposes.113th Congress (2013-2014)
|Sponsor:||Rep. Renacci, James B. [R-OH-16] (Introduced 04/07/2014)|
|Committees:||House - Oversight and Government Reform|
|Latest Action:||House - 04/07/2014 Referred to the House Committee on Oversight and Government Reform. (All Actions)|
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Summary: H.Res.545 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (04/07/2014)
Declares that the House of Representatives: (1) agrees to consider legislation to implement accrual basis generally accepted accounting principles for U.S. government budgeting, financial reporting, and performance measures; and (2) acknowledges that the use of accrual basis accounting would provide a more accurate measure of the federal government's finances and their impact on the nation's economy.
Requests the Comptroller General to prescribe the manner in which such principles can be applied to the U.S. government in the fiscal year following the passage of legislation to implement them.
Recognizes that the use of accrual accounting standards in the federal government can assist in management improvement for federal agencies with regard to publicizing true costs, minimizing government waste, and controlling inefficient spending, especially on long-term government contracts.