(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(Section scheduled to be repealed on June 30, 2016)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.)
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Last modified: February 18, 2015