OPM: Conversion to GAAP-based Budgeting

Conversion to GAAP-based Budgeting

 
 

In order to improve the stateís accountability for its use of public funds, Governor Malloyís first act upon taking office was to issue Executive Order No. 1.  The Executive Order directed the Secretary of the Office of Policy and Management (OPM) to initiate a process intended to result in the implementation of Generally Accepted Accounting Principles (GAAP), as prescribed by the Governmental Accounting Standards Board (GASB).

In accordance with one of the provisions of Executive Order No. 1, a workgroup comprised of representatives from OPM, the State Comptrollerís Office, the State Treasurerís Office, the Office of Fiscal Analysis and the Auditors of Public Accounts was established to assist in developing and providing feedback on the Stateís plan to convert to GAAP-based budgeting. 

 

GAAP-related Documents:

 





Content Last Modified on 4/5/2012 2:58:30 PM