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Federal Accounting Standards Advisory Board (FASAB)

  • Sumo

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:

  1. Identification of accounting issues and agenda decisions,
  2. Preliminary deliberations,
  3. Preparation of initial documents (discussion memorandums and/or issue papers),
  4. Release of documents for comment (e.g., exposure drafts) to the public, public hearings when necessary, and consideration of comments,
  5. Further deliberations and consideration of comments,
  6. Approval by at least a two-thirds majority affirmative vote,
  7. Submission of proposed Statement to the Principals for 90-day review (45 days for Interpretations), and
  8. 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/
Accounting Resources

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Posted byadmin- April 1, 2012 at 5:39 am

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