113 HR 476 IH: Generally Accepted Accounting Principles Act U.S. House of Representatives 2013-02-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 476 IN THE HOUSE OF REPRESENTATIVES February 4, 2013 Mr. Gingrey of Georgia (for himself and Mr. Conaway) introduced the following bill; which was referred to the Committee on the Budget A BILL To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles, and to amend the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit the same with its report to the Committees on the Budget of the House of Representatives and the Senate.

1.

Short title

This Act may be cited as the Generally Accepted Accounting Principles Act or the GAAP Act.

2.

Budget deficit calculation using generally accepted accounting principles

(a)

In general

Section 1105(a) of title 31, United States Code, is amended— (1)by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); and (2)by adding at the end the following new paragraph: (40)an estimate of the deficit or surplus for the fiscal year for which the budget is submitted, prepared using generally accepted accounting principles. . (b)

Effective date

The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2015.

3.

Congressional Budget Office report to the Committees on the Budget of the House of Representatives and the Senate

(a)

In general

Section 202(e)(1)(A) of the Congressional Budget Act of 1974 (2 U.S.C. 602(e)(1)(A)) is amended by inserting prepared using both cash basis accounting and generally accepted accounting principles after (including related surpluses and deficits. (b)

Effective date

The requirement added by subsection (a) shall take effect beginning with the report that the Director of the Congressional Budget Office submits in 2015.