By: Perry  S.B. No. 753          (In the Senate - Filed February 6, 2017; February 22, 2017,   read first time and referred to Committee on State Affairs;   April 11, 2017, reported favorably by the following vote:  Yeas 9,   Nays 0; April 11, 2017, sent to printer.)Click here to see the committee vote     A BILL TO BE ENTITLED   AN ACT     relating to financial accounting and reporting requirements for   this state and political subdivisions of this state.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 2266, Government Code, is repealed.          SECTION 2.  Section 112.002, Local Government Code, is   amended by adding Subsection (c) to read as follows:          (c)  A regulation adopted under this section may not be   inconsistent with generally accepted accounting principles as   established by the Governmental Accounting Standards Board.          SECTION 3.  The changes in law made by this Act apply to   financial accounting and reporting by a governmental entity that,   immediately before the effective date of this Act, was subject to   Chapter 2266, Government Code, as repealed by this Act, beginning   with the governmental entity's first fiscal year that begins on or   after September 1, 2018.          SECTION 4.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2017.     * * * * *