FASABFederal Accounting Standards Advisory Board
FASABFinancial Accounting Standards Advisory Board
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FASAB follows a prescribed due process that includes leveraging subject-matter expert task forces to develop standards; issuing exposure drafts; and soliciting feedback from constituents both inside and outside the federal government, including the AICPA.
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.
engaging with FASAB to develop new guidance related to the valuation of beginning balances for GPP&E and inventory and related property
That standard, if FASAB approves it, will be one of many steps that need to be taken, but it does not end the business sector's responsibility to contribute to the full solution.
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.
The panel will assist the AICPA Board of Directors and Council by providing its recommendations on the continued recognition of the FASAB in accordance with an October 1999 Council resolution.
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.
These acts brought about the creation of a FASB-like and GASB-like organization, the Federal Accounting Standards Advisory Board (FASAB), sponsored by the GAO, the Department of the Treasury, and the OMB; in addition, the acts set the stage for the preparation and annual audit of a consolidated financial report of the federal government (Prior to the establishment of the FASAB, accounting principles for the federal government were established by the GAO alone.
FASAB needs to continue to pursue enhanced financial reporting by adding liabilities to the nation's balance sheet--enhancements that could help right our nation's fiscal path.
FASAB 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.