The Comptroller of Public Accounts proposes to incorporate by reference an amendment to §5.160, concerning accounting policy statements. The accounting policy statements are issued to provide procedures and guidelines to state agencies for the effective operation of the Uniform Statewide Accounting System (USAS) and for preparation of the annual financial report. Each accounting policy statement contains legal references, a background section, comptroller requirements and state agency requirements, and division contact if more information is needed.

James LeBas, Chief Revenue Estimator, has determined that for the first five-year period the rule will be in effect there will be no significant revenue impact on the state or local government.

Mr. LeBas also has determined that for each year of the first five years the rule is in effect the public benefit anticipated as a result of enforcing the rule will be in providing new information regarding tax responsibilities. There is no significant anticipated economic cost to individuals who are required to comply with the proposed rule. The rule will have no fiscal implication on small businesses.

Comments on the proposal may be submitted to Mike Reissig, Director, Fiscal Management Division, P.O. Box 13528, Austin, Texas 78711.

This amendment is proposed under the Government Code, §§403.011, 2101.012, 2101.035, and 2101.037 which provides the comptroller with the authority to prescribe rules and procedures relating to the operation of the Uniform Statewide Accounting System, the preparation of the annual financial report and supervising the state's fiscal concerns.

The amendment implements Government Code, §2101.012 and §2101.035.