INTRODUCTION

BACKGROUND

The Appropriation Act specifies that the Budget and Control Board shall have full power and authority to determine whether a proper system of accounting is maintained in each department, institution, commission and agency and to require and enforce the adoption of such policies as deemed necessary to accomplish these purposes.

The Appropriation Act requires that the financial statements issued for the State of South Carolina be in conformance with Generally Accepted Accounting Principles (GAAP). The Act further directs the Comptroller General, as the State Accounting Officer, to issue accounting policy directives to State agencies in order to comply with Generally Accepted Accounting Principles. The Act gives the Comptroller General authority to conduct surveys, acquire consulting services, and implement new procedures required to fully implement GAAP.

INTRODUCTION topics: