LONG-TERM ACCOUNTING ACT

Creates the Long-Term Accounting Act. Provides that the purpose of the Act is to improve transparency and accountability during the State budget process. Contains provisions concerning the passage of appropriation bills and the electronic publication of appropriation bills. Amends the State Comptroller Act. Requires the Generally Accepted Accounting Standards and Principles for Illinois State Government be compatible with generally accepted accounting standards and principles for government as prescribed by the Governmental Accounting Standards Board. Amends the Commission on Governmental Forecasting and Accountability Act. Provides that the Commission on Governmental Forecasting and Accountability must publish fiscal budget statements. Sets forth the requirements for the fiscal budget statements. Contains other provisions. Effective immediately.