- FREE CONTEST!
- Recent Posts
- Tags2004 2005 2006 2007 2008 2009 account accounting accounting 101 apply asset assets book bookkeeping books business cd class classes course courses download DVD financial guide how How to information intuit learn manual Online payroll pro Quick Quickbooks quickbooks training quickbooks Tutorial recordkeeping software tax taxes training Tutorial video
Federal Accounting Standards Advisory Board (FASAB)
Federal Accounting Standards Advisory Board (FASAB) develops accounting standards post financial and budgetary info needed from congress, executive agencies, and other federal financial instituational information which is important and essential for efficiency throughout our democratic systme of government.
Congress passed the Chief Financial Officer’s Act (CFO Act) in 1990. This bill required audits of financial statements for selected federal entities due to concerns about regarding financial management problems at various federal agencies.
The Federal Accounting Standards Advisory Board (FASAB) is subject to the Federal Advisory Committee Act 1 and follows rules of procedure that are designed to meet or exceed the requirements of the Act. FASAB follows an open process for considering accounting standards that includes the following steps:
- Identification of accounting issues and agenda decisions,
- Preliminary deliberations,
- Preparation of initial documents (discussion memorandums and/or issue papers),
- Release of documents for comment (e.g., exposure drafts) to the public, public hearings when necessary, and consideration of comments,
- Further deliberations and consideration of comments,
- Approval by at least a two-thirds majority affirmative vote,
- Submission of proposed Statement to the Principals for 90-day review (45 days for Interpretations), and
- Publication of final Statement or Interpretation.
You can check out their active projects as well as archived projects.
Federal Accounting Standards Advisory Board (FASAB) online: http://www.fasab.gov/resources/managerial-cost-accounting-resources/
If you want to some basic accounting knowledge or pursuit a career in accounting, we have quickbooks tutorial videos for free on our website at www.learnquickbooksfree.com
Return to: Accounting 101 resources
disclaimer: The above content has not been approved, validated or confirmed by Learn Quickbooks Free. You should do your own research and due diligence.