Iowa Code 8.53 – GAAP deficit — GAAP implementation
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Terms Used In Iowa Code 8.53
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Budget: means the budget document required by this chapter to be transmitted to the legislature. See Iowa Code 8.2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
For the fiscal year beginning July 1, 1996, and each succeeding fiscal year, the governor shall recommend in the governor’s budget and the general assembly shall provide funds to eliminate the GAAP deficit of the general fund of the state, as reported in the state’s annual comprehensive financial report issued during the prior fiscal year, either through the appropriation of specific funds to correct a GAAP adjustment or by setting funds aside in a special account in an amount equal to the GAAP deficit.