Substitute Senate Bill No. 1090
         Substitute Senate Bill No. 1090

              PUBLIC ACT NO. 93-402

AN  ACT  CONCERNING  THE USE OF GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES.


    Section 1. (NEW)  Effective  with  the  fiscal
year commencing July  1,  1995, the comptroller is
authorized  to  implement  the  use  of  generally
accepted accounting principles,  as  prescribed by
the Government Accounting  Standards  Board,  with
respect to the  preparation and maintenance of the
annual financial statements  of the state, and the
office of policy  and  management is authorized to
implement the use of generally accepted accounting
principles,  as  prescribed   by   the  Government
Accounting Standards Board,  with  respect  to the
preparation of the annual budget of the state.
    Sec.   2.   To   implement   such   accounting
principles, the comptroller  and  the secretary of
the  office  of   policy   and   management  shall
concurrently  prepare  conversion  plans  for  the
respective implementations pursuant  to  section 1
of  this  act.   The  conversion  plans  shall  be
submitted to the  joint  standing committee of the
general  assembly  having  cognizance  of  matters
relating  to appropriations  and  the  budgets  of
state agencies not later than February 1, 1994.
    Sec. 3. (NEW)  The comptroller shall establish
an  opening  combined   balance   sheet   for  all
appropriated funds as  of  July  1,  1995,  on the
basis of generally accepted accounting principles.
The accrued and  unpaid  expenses  and liabilities
and  other  adjustments   for   the   purposes  of
generally accepted accounting  principles,  as  of
June 30, 1995, shall be aggregated and set up as a
deferred charge on  the combined balance sheet and
such deferred charge  shall  be amortized in equal
increments in each  annual  budget commencing with
the fiscal year  ending June 30, 1997, and for the
succeeding fourteen fiscal years.