The Illinois Office of the Comptroller is implementing full GAAP now

After much push back the Illinois Office of the Comptroller is about to give a very small concession to the criticisms leveled (see 

here). Specifically, as long as a government is compliant with GAAP (generally accepted accounting principles) by its FY19 filing, they will waive all of the prior fines that they feel should be imposed. Those governments not in compliance will impose all prior fines for FY17, FY18, and FY19 until a GAAP compliant FY19 report is filed. These fines will be very large at that point. Click here to read Kenneth Oliven’s post in LinkedIn. Mr Oliven is the  finance director and government management consultant of Alsip, an SSMMA member community.