engaging with FASAB
to develop new guidance related to the valuation of beginning balances for GPP&E and inventory and related property
To satisfy the FASAB
requirement to value military equipment, contracts awarded in FY 2007 will require information derived from accounting transactions, invoices, and other authoritative documents that support the actual cost of assets.
The Council resolution called for the Board to review the missions and operations of the FASAB
, evaluate whether the FASAB
continues to meet Council-approved criteria used to assess standards-setting bodies designated under Rule 203, and recommend whether or not Council should continue designating the FASAB
under Rule 203.
was designated by Council in 1999 as the body to set GAAP for federal entities under Rule 203 of the AICPA's Code of Professional Conduct, subject to a five-year review.
In 1998, "Systems Requirements for Managerial Cost Accounting" was issued for the first time, incorporating system requirements necessary to support FASAB
Standard Number 4, "Managerial Cost Accounting Concepts and Standards for the Federal Government.
The committee also offered to help the OMB define the government's budget and financial system and advised the deputy director to issue accounting policies to implement FASAB
standards and to establish accounting practices in areas the standards don't cover.
Claire is an extremely insightful and knowledgeable ratings analyst, and the FASAB
appointment speaks to her many accomplishments and overall excellence in the field," said Stephen W.
7) But the FASAB
issued its standard on managerial cost accounting (SFFAS No.
standards that require the use of Treasury borrowing rates for discounting do not specify a precise method for selecting such rates.
The AICPA's governing Council approved the recommendation of the Federal Accounting Standards Advisory Board Rule 203 Panel authorizing FASAB
to continue to set generally accepted accounting principles for the federal government under Rule 203 of the AICPA Code of Conduct.
9) 3) , arose from the sale of shares in FASAB
promulgates accounting standards for federal agencies.