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H.R.476: GAAP Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about economics and public finance
You can read the bill
Sponsor Phil Gingrey, R-Ga.
Total Cosponsors 2 (All Republicans)
Introduced Feb. 4, 2013
Latest Major Action Feb. 4, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Generally Accepted Accounting Principles Act or GAAP Act - Requires the President's budget submission to include an estimate of the deficit or surplus for the fiscal year concerned, prepared using generally accepted accounting principles.

Amends the Congressional Budget Act of 1974 to require the alternative levels of total revenues, total new budget authority, and total outlays (including related surpluses and deficits) covered by the annual Congressional Budget Office (CBO) fiscal policy report to the congressional budget committees on the upcoming fiscal year to be prepared using both cash basis accounting and generally accepted accounting principles.

(Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 4, 2013 Referred to the House Committee on the Budget.