March 14, 2018
The Senate convenes at 10:00 a.m. this morning. Committee Hearings started early this morning. The House is not in this week.
Yesterday, the Governor vetoed SB 1657 which creates a state licensure/regulatory for firearm retailers. This state licensure would be in addition to the federal oversight done through the ATF. The Governor’s total veto caught some legislators by surprise. Ergo the policy argument of the need for a state regulatory scheme to buttress the federal oversight, this legislation would significantly divert resources and personnel from the Illinois Department of Financial and Professional Regulation (IDFPR) to carry out firearm retailer state licensure function. IDFPR is the state agency that regulates professions such as CPAs.
This morning I attended a hearing of the Senate Local Government Committee where the sponsor called SA#2 to SB 2638. This legislation would amend the Government Audit Act and the County Audit Act to statutorily authorize county governments and small units of local governments such as fire protection districts and library districts to continue using cash basis accounting. This legislation, in addition to three other bills filed, is in response to the Comptroller’s change in practice of accepting audited financial statements using cash basis accounting. As stated yesterday, the Comptroller has somewhat walked back their notifications to local governments of this change in practice. We, along with other organizations, are working with the Comptroller on exposed draft legislative language. As we suggested all along to the Comptroller’s staff, I anticipate a comprehensive legislative remedy that will grandfather those units of local government who use cash basis accounting. Negotiations in this area are still fluid.
Sunny and warmer here today.
MARTY GREEN, ESQ
Vice President Government Relations, Illinois CPA Society?
524 South Second Street, Suite 504
Springfield, Illinois 62701
Phone: 217.789. 7914| Fax: 217.789.7924
| Web site: www.icpas.org