(30 ILCS 30/15)
(Section scheduled to be repealed on June 30, 2016)
Sec. 15. Powers. The Board has the following powers:
(1) to have a corporate seal, and to alter that seal
at pleasure, and to use it by causing it or a facsimile to be affixed or impressed or reproduced in any other manner;
(2) to use the services of the Office of the
Comptroller and the Office of the Governor to carry out the Board's purposes, subject to the approval of the respective office;
(3) to assist State agencies with being timely and
accurate in the processing of financial reporting for the State by:
(A) establishing minimum qualifications for all
new GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;
(B) establishing minimum training requirements
for GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;
(C) establishing continuing education
requirements for GAAP Coordinators, in cooperation with the Comptroller's Division of Financial Reporting;
(D) establishing best practice guidelines for
GAAP package submissions, in cooperation with the Comptroller's Division of Financial Reporting; and
(E) providing assistance during the GAAP cycle,
in cooperation with the Comptroller's Financial Reporting Division and the Governor's Office of Management and Budget;
(4) to make available to the Comptroller or Governor
any information related to the processing of financial reports that the Board may deem necessary to enable it effectively to carry out the provisions of this Act;
(5) to promulgate rules with respect to its
operations as may be necessary to carry out the purposes of this Act, subject to the provisions of the Illinois Administrative Procedure Act;
(6) to consult with other states and private
businesses that have successfully modernized and streamlined their financial reporting systems;
(7) to use current State resources that are already
available inside of State government, and to use current financial reporting principles and practices, including, but not limited to, principles and practices of the Auditor General and the Comptroller; and
(8) to participate in the development of a statewide
GAAP-compliant financial reporting system.
(Source: P.A. 97-1055, eff. 8-23-12.)
Sections: Previous 1 5 10 15 20 25 30 90 100 999 Next
Last modified: February 18, 2015