Section 1 Short title
This Act may be cited as the “Generally Accepted Accounting Principles Act” or the “GAAP Act”.
Generally Accepted Accounting Principles Act
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.
Sec. 2 Budget deficit calculation using generally accepted accounting principles
In general— Section 1105(a) of title 31, United States Code, is amended—
by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); and
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.”
Effective date— The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2015.
Sec. 3 Congressional Budget Office report to the Committees on the Budget of the House of Representatives and the Senate
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”.
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.