A bill to create accurate, consistent accounting practices in the federal government.

Sponsor: Edward (Ted) Winslow C-FL

Co-sponsors: Bob Stanley L-FL, Bart Larsen L-IL, Terry Jefferson L-MS

Section 1: Short Title.

This act may be cited as the Accurate Accounting Principles Act.

Section 2: Findings.
(A) Businesses must follow 'Generally Accepted Accounting Principles' (GAAP) by law or they may be fined or imprisoned.
(B) Any business in existence must provide financial reports every year in Accrual-Basis Accounting according to GAAP.
(C) The Federal Government of the USMA should not be above the laws they create.
(D) The Federal Government is not bound by GAAP.
(E) The Federal Government does not follow GAAP and does not use Accrual-Basis Accounting.  The Federal Government uses a modified form of Cash-Basis Accounting which does not account for expenditures when the US Government incurs the costs, but only when it finally pays for them.  This does not account for military medical programs, Congressional retirement plans, and SSI.
(F) The federal government must be accountable for accurate accounting.

Section 3: Accounting Changes.
(A) The federal government must now budget on accrual-basis accounting.  That is, the US Government must account for its expenditures as they are incurred, not as they are paid.
(B) The federal budget must be prepared accurately, and must include an accurate financial report for the previous year end.
(C) The federal budget and financial reports must be available for full view of the public.