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H.R. 118 100th Congress House

Truth in Government Accounting Act of 1987

Official title: A bill to require that the United States Government prepare and make public annual consolidated financial statements utilizing the accrual method of accounting, and for other purposes.

Introduced: January 6, 1987 See on congress.gov
Economics and Public Finance AccountingAuditingFederal budgetsFederal receipts and expendituresFinancial statements
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This bill died when the 100th Congress ended
It never became law before the 100th Congress (1987–1988) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 20, 1987
Referred to Subcommittee on Legislation and National Security.
Jan 6, 1987
Referred to House Committee on Government Operations.
Jan 6, 1987
Introduced in House
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 Latest action January 20, 1987

Referred to Subcommittee on Legislation and National Security.

 Plain-English summary Congressional Research Service

Truth in Government Accounting Act of 1987 - Requires the Secretary of the Treasury to prepare and make public annual consolidated financial statements for the United States based on accrual accounting procedures.

Directs the Secretary to publish such statements each year on a date not later than the date the President submits the Federal budget to the Congress.

Directs the Secretary to notify the public of the availability of such statements, including placing notice on all tax forms.

Requires the Comptroller General to audit the consolidated financial statements each fiscal year.

Requires the President to include in each budget a summary of how the use of accrual accounting procedures would affect the estimated Federal expenditures, appropriations, and receipts.

Requires the Director of the Office of Management and Budget to prepare all of the budgets submitted to the President according to both accrual accounting procedures and the cash basis accounting method.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 118: Truth in Government Accounting Act of 1987. 100th Congress. Open America. https://openamerica.io/bill/100-HR-118/
MLA
"H.R. 118: Truth in Government Accounting Act of 1987." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-HR-118/.
Bluebook (legal)
H.R. 118, 100th Cong. (2026), https://openamerica.io/bill/100-HR-118/.
Markdown link
[H.R. 118: Truth in Government Accounting Act of 1987](https://openamerica.io/bill/100-HR-118/)
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