FASAB

AcronymDefinition
FASABFederal Accounting Standards Advisory Board
FASABFinancial Accounting Standards Advisory Board
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Nos Estados Unidos, por exemplo, e grande a importancia dada a "integridade orcamentaria", ou seja, a aderencia da execucao das despesas publicas com as leis e regulamentos que as autorizaram (FASAB, 2003).
* Deferred maintenance cost estimate (DM) -- FASAB recently has relied upon deferred maintenance as a tool to reflect the degree of unfunded liability due to an agency's under-funding of facilities maintenance and repair in their annual chief financial officer's reports.
Prior to 2003, GPP & E did not include military equipment (aircraft, ships, satellites, tanks, for example); however, on May 8, 2003, the FASAB adopted Statement of Federal Financial Accounting Standards 23, which classified all military equipment as personal property.
These studies were well advanced when, in October 2002, DOD identified the need for improved tracking and valuation of plant, property, and equipment (PP & E) to comply with recent Federal Accounting Standards Advisory Board (FASAB) standards.
Chapters have also been revised to incorporate GASB, FASB, FASAB, AICPA, GAO, and 0MB pronouncements through April 2000.
He has published widely and is involved in CPA testing with the AICPA, standard setting with the FASAB, and education as both a professor and founder and active member of the Virginia Government Finance Officers' Association.
On February 25, 2009,1 testified before the Federal Accounting Standards Advisory Board (FASAB) on the need for full liability accrual/GAAP accounting for U.S.
Federal financial statements are prepared largely pursuant to accrual accounting principles as prescribed in federal accounting standards, which consider revenues as earned and costs as incurred (see the sidebar "The Role of FASAB").
This Tiger Team will be in charge of establishing policy and assisting in the audit support of GPP&E and will be responsible for driving necessary GPP&E valuation efforts with the Components, the DoD OIG, external stakeholders such as FASAB, and other OSD instrumentalities.
Recommendation: To provide a realistic estimate of the government's fiscal exposure resulting from repair and maintenance backlogs and minimize the potential for duplicative reporting requirements, the Deputy Director for Management, Office of Management and Budget, in conjunction with the Federal Real Property Council (FRPC) and in consultation with Federal Accounting Standards Advisory Board (FASAB), should explore the potential for developing a uniform reporting requirement in the FRPP that would capture the government's fiscal exposure related to real property repair and maintenance.
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.