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FASAB

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AcronymDefinition
FASABFederal Accounting Standards Advisory Board
FASABFinancial Accounting Standards Advisory Board


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FASAB standards require the financial statements of the federal agencies responsible for the Social Security, Medicare, Railroad Retirement, and Black Lung programs and the financial statements of the federal government-wide entity to present a statement of social insurance as a basic financial statement.
Now in a second edition, Federal Accounting Handbook is the handbook that every financial federal employee can use, covering all of the recent revisions including new FASAB standards and how Congress wants the intent and objectives of the Sarbanes-Oxley Act to be implemented by federal departments and agencies.
The Board's implementation guidance provided "the Office of Management and Budget [OMB], with assistance from the FASAB staff, should identify the specific inter-entity costs for entities to begin recognizing.
 
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