Section 1. Short title
This Act may be cited as the Generally Accepted Accounting Principles Act or the GAAP Act.
(a) In general
Section 1105(a) of title 31, United States Code, is amended—
(1) by redesignating the second paragraph (37) (relating to a list of plans and reports for elimination or consolidation) as paragraph (39); and
(2) by adding at the end the following new paragraph:
(40) an estimate of the deficit or surplus for the fiscal year for which the budget is submitted, prepared using generally accepted accounting principles.
(b) Effective date
The requirement added by subsection (a) shall take effect beginning with the budget submission made by the President in 2014.