30 ILCS 30. Financial Reporting Standards Board Act.

    (30 ILCS 30/1)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 1. Short title. This Act may be cited as the Financial Reporting Standards Board Act.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/5)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 5. Definitions. As used in this Act:
    "Board" means the Financial Reporting Standards Board created under Section 10 of this Act.
    "CAFR" means the Comprehensive Annual Financial Report required under Section 19.5 of the State Comptroller Act.
    "Comptroller" means the Comptroller of the State of Illinois.
    "GAAP Coordinator" means a designated representative, employed by a State agency or component unit of the State, who is responsible for submission to the Office of the Comptroller all required documentation, as determined by the Office of the Comptroller, necessary for the preparation of the Comprehensive Annual Financial Report.
    "Internal auditor" means an auditor employed by a State agency under the Fiscal Control and Internal Auditing Act.
    "Licensed Certified Public Accountant" has the meaning provided in Section 0.03 of the Illinois Public Accounting Act.
    "Registered Certified Public Accountant" has the meaning provided in Section 0.03 of the Illinois Public Accounting Act.
    "State agency" means all departments, officers, commissions, boards, authorities, institutions, universities, foundations, and bodies politic and corporate of the State that are required to submit financial reporting information to the Office of the Auditor General, the Office of the Comptroller, or the federal government. "State agency" does not include the legislative branch or judicial branch.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/10)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 10. Financial Reporting Standards Board; creation.
    (a) There is created the Financial Reporting Standards Board. The Board shall assist the State in improving the timeliness, quality, and processing of financial reporting for the State.
    (b) The Board shall consist of 3 members appointed by the Comptroller and 3 members appointed by the Governor, all with the advice and consent of the Senate.
    (c) At least one member appointed by the Comptroller and at least one member appointed by the Governor shall be a licensed or registered Certified Public Accountant. Any member who is not a licensed or registered Certified Public Accountant shall have relevant experience in business, government accounting, or finance.
    (d) Of the initial members appointed to the Board: one member appointed by the Comptroller and one member appointed by the Governor shall be appointed for a 2-year term; one member appointed by the Comptroller and one member appointed by the Governor shall be appointed for a 3-year term; and one member appointed by the Comptroller and one member appointed by the Governor shall be appointed for a 4-year term. Those members may be reappointed for 4-year terms. Their successors shall be appointed for 4-year terms and may be reappointed. A vacancy on the Board shall be filled for the remainder of the unexpired term, in the same manner and by the same officer who made the original appointment.
    (e) The Comptroller and the Governor shall each designate one of their appointed members as co-chairperson of the Board.
    (f) The Board shall meet at least 2 times each year and at other times at the call of the chairpersons. Meetings of the Board shall be subject to the provisions of the Open Meetings Act.
    (g) The members of the Board shall serve without compensation, but may be reimbursed for expenses.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/15)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 15. Powers. The Board has the following powers:
        (1) to have a corporate seal, and to alter that seal

at pleasure, and to use it by causing it or a facsimile to be affixed or impressed or reproduced in any other manner;

        (2) to use the services of the Office of the

Comptroller and the Office of the Governor to carry out the Board's purposes, subject to the approval of the respective office;

        (3) to assist State agencies with being timely and

accurate in the processing of financial reporting for the State by:

            (A) establishing minimum qualifications for all

new GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;

            (B) establishing minimum training requirements

for GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;

            (C) establishing continuing education

requirements for GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;

            (D) establishing best practice guidelines for

GAAP package submissions, in cooperation with the Comptroller's Division of Financial Reporting; and

            (E) providing assistance during the GAAP cycle,

in cooperation with the Comptroller's Financial Reporting Division and the Governor's Office of Management and Budget;

        (4) to make available to the Comptroller or Governor

any information related to the processing of financial reports that the Board may deem necessary to enable it effectively to carry out the provisions of this Act;

        (5) to promulgate rules with respect to its

operations as may be necessary to carry out the purposes of this Act, subject to the provisions of the Illinois Administrative Procedure Act;

        (6) to consult with other states and private

businesses that have successfully modernized and streamlined their financial reporting systems;

        (7) to use current State resources that are already

available inside of State government, and to use current financial reporting principles and practices, including, but not limited to, principles and practices of the Auditor General and the Comptroller; and

        (8) to participate in the development of a statewide

GAAP-compliant financial reporting system.

(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/20)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 20. Audits.
    (a) The Internal Auditor of every State agency that submits a GAAP package must submit an annual audit of its GAAP and financial statement process, if applicable, to the Board.
    (b) The Board shall review all information submitted and may prepare a report for the Comptroller and the Governor.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/25)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 25. Responsibilities of other parties.
    (a) The Comptroller's Division of Financial Reporting, in cooperation with the Governor's Office of Management and Budget, shall assist State agencies during the GAAP process and shall review GAAP packages and preparation of the CAFR.
    (b) The Comptroller's Division of Financial Reporting and the Governor's Office of Management and Budget shall cooperate with the Board in the following matters:
        (1) the development of a GAAP training program for

State agencies;

        (2) the development of continuing education for

employees of State agencies; and

        (3) the development of detailed standards for GAAP

reporting by State agencies.

    (c) State agencies must adhere to the Board's guidance in regards to GAAP package processing and maintaining minimum standards for qualifications, training, and education for GAAP Coordinators.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/30)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 30. Cooperation. All State agencies must render full cooperation to the Board and its employees, consistent with and subject to all otherwise applicable laws, regulations, rules and contractual obligations, including collective bargaining agreements, and budget constraints of the agencies.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/90)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 90. Repeal. This Act is repealed on June 30, 2016.
(Source: P.A. 97-1055, eff. 8-23-12.)

    (30 ILCS 30/100)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 100. (Amendatory provisions; text omitted).
(Source: P.A. 97-1055, eff. 8-23-12; text omitted.)

    (30 ILCS 30/999)
    (Section scheduled to be repealed on June 30, 2016)
    Sec. 999. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 97-1055, eff. 8-23-12.)