SFFACStatements of Federal Financial Accounting Concepts
SFFACSolid Foundation for Abandoned Children, Inc. (Monrovia, Liberia)
SFFACSports Facilities Funding Assistance Committee
SFFACSouth Florida Foot & Ankle Centers
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References in periodicals archive ?
FASAB Concept Statement (SFFAC) 1, "Objectives of Federal Financial Reporting," stated that the FASAB identified four user-groups of federal financial information, and it repeated those users in SFFAC 4: 1) citizens; 2) Congress; 3) executives; and 4) program managers.
The FASAB promulgated SFFAC 4 because, over time, the consolidated financial report (CFR) had become complex and voluminous, and the FASAB recognized that the CFR was trying to serve too many masters.
FASB, in paragraph 34 of SFAC 1, states that "[financial] information should be comprehensible to those who have a reasonable understanding of business and economic activities and are willing to study the information with reasonable diligence." The FASAB acknowledges that it bases its definition of a general user on FASB's definition in SFAC 1; paragraph 6 of SFFAC 4 as noted above, declares:
[emphasis added] In the hierarchy of qualitative characteristics accounting information (SFFAC 2, Table 1), FASB declared that all characteristics must meet the test of understandability before they can be useful information for making decisions.
(*) SFFAC = statement of federal financial accounting concepts.