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<br />Sec. 2264.053. COMPLIANCE <br /> <br />WITH <br /> <br />H.B. No. 2365 <br />ACCOUNTING PRINCIPLES. <br /> <br />Compliance with the statutory accounting principles of this chapter <br /> <br />by the state or a political subdivision satisfies another statute <br /> <br />that requires accounting and reporting according to generally <br /> <br />accepted accounting principles. <br /> <br />Sec. 2264.054. ACCOUNTING FOR OTHER POSTEMPLOYMENT BENEFITS. <br /> <br />(a) In this section: <br /> <br />(1) "Other postemployment benefits" means employee <br /> <br />benefi t programs for which coverage or eligibility extends to <br /> <br />retired employees. The term does not include pension benefits. <br /> <br />(2 ) <br /> <br />"Pay-as-you-go" <br /> <br />means <br /> <br />benefit <br /> <br />plan <br /> <br />financing <br /> <br />generally made at or about the same time and in or about the same <br /> <br />amount as benefit payments and expenses become due. <br /> <br />(b) To the extent that generally accepted accounting <br /> <br />principles require accounting or reporting of other postemployment <br /> <br />benefits at the government-wide or fund level on any basis other <br /> <br />than pay-as-you-go and in accordance with the statutory accounting <br /> <br />principles in this chapter, <br /> <br />those accounting or reporting <br /> <br />requirements do not apply to this state or its political <br /> <br />subdivisions. <br /> <br />SECTION 3. Section 112.002(c), Local Government Code, is <br /> <br />amended to read as follows: <br /> <br />(c) Except as provided by Chapter 2264, Government Code, a <br /> <br />[A] regulation adopted under this section may not be inconsistent <br /> <br />with generally accepted accounting principles [~O cot~bliohcd by <br /> <br />Page -3 - <br />