1.1                          A bill for an act 
  1.2             relating to state government; requiring accelerated 
  1.3             implementation of certain governmental accounting 
  1.4             standards. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [INFRASTRUCTURE REPORTING STANDARDS.] 
  1.7      The commissioner of finance must implement the 
  1.8   infrastructure reporting requirements of the Governmental 
  1.9   Accounting Standards Board statement 34 as follows: 
  1.10     (1) the comprehensive annual financial report for fiscal 
  1.11  year 2000 must implement the requirement of statement 34 for 
  1.12  reporting of new infrastructure acquisitions and new major 
  1.13  renovations, restorations, or improvements; and 
  1.14     (2) the comprehensive annual financial report for fiscal 
  1.15  year 2001 must implement the requirements of statement 34 for 
  1.16  retroactive reporting of infrastructure assets.