H1643B2669A04329 JAM:SRA 11/19/07 #90 A04329 AMENDMENTS TO HOUSE BILL NO. 1643 Sponsor: REPRESENTATIVE BARRAR Printer's No. 2669 1 Amend Title, page 1, line 5, by inserting after "for" 2 reports to Department of Education, for financial 3 reports and for 4 Amend Bill, page 1, lines 9 through 12, by striking out all 5 of said lines and inserting 6 Section 1. Section 218 of the act of March 10, 1949 (P.L.30, 7 No.14), known as the Public School Code of 1949, added May 10, 8 2000 (P.L.44, No.16), is amended to read: 9 Section 218. Reports to Department of Education.--All 10 financial accounting and reporting by school districts to the 11 Department of Education shall be in accordance with generally 12 accepted accounting and reporting standards[.], except for the 13 annual financial report. The Department of Education shall 14 establish a reporting standard for the annual financial report. 15 The standard shall conform to fund level reporting criteria 16 only, and will be an allowed other comprehensive basis of 17 accounting. For purposes of this section, an "other 18 comprehensive basis of accounting" shall mean a basis of 19 accounting, other than generally accepted accounting principles, 20 that an entity uses to report its assets, liabilities, equity, 21 revenues and expenses. 22 Section 2. Section 921-A of the act, amended July 11, 2006 23 (P.L.1092, No.114), is amended to read: 24 Section 921-A. Financial Reports.--An annual financial 25 report shall be submitted to the Secretary of Education by each 26 intermediate unit not later than the 31st day of October, 27 together with an auditor's report prepared by an independent 28 auditor who shall be a certified public accountant or other 29 competent public accountant. All financial accounting and 30 reporting by intermediate units to the Department of Education 31 shall be in accordance with generally accepted accounting and 32 reporting standards[.], except for the annual financial report. 33 The Department of Education shall establish a reporting standard 34 for the annual financial report. The standard shall conform to 35 fund level reporting criteria only, and will be an allowed other 36 comprehensive basis of accounting. For purposes of this section, 37 an "other comprehensive basis of accounting" shall mean a basis 38 of accounting, other than generally accepted accounting 39 principles, that an entity uses to report its assets, 40 liabilities, equity, revenues and expenses.
1 Section 3. Section 1302(a) of the act, amended December 23, 2 2003 (P.L.304, No.48), is amended and the section is amended by 3 adding a subsection to read: 4 Amend Sec. 2, page 3, line 10, by striking out "2" and 5 inserting 6 4 K19L90JAM/HB1643A04329 - 2 -