Expressing the sense of the House of Representatives that the Federal Government should adopt and use accrual basis generally accepted accounting principles for Government budgeting, financial reporting, and performance evaluation purposes.

agrees to consider legislation to implement accrual basis generally accepted accounting principles for United States Government budgeting, financial reporting, and performance measures;

acknowledges that the use of accrual basis accounting for United States Government budgeting, financial reporting, and performance measures would provide a more accurate measure of the United States Government’s finances and their impact on the Nation’s economy;

requests the Comptroller General of the United States to prescribe the manner in which accrual based generally accepted accounting principles can be applied to United States Government budgeting, financial reporting, and performance measures in the fiscal year following the passage of legislation to implement the reforms outlined in this resolution; and

recognizes the use of accrual accounting standards in the Federal Government can assist in management improvement for the agencies and departments of the Federal Government—publicizing true costs, minimizing government waste, and controlling inefficient spending, especially on long-term Government contracts.