Federal Accounting Standards Advisory Board: Difference between revisions

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{{short description|Federal advisory committee}}
{{short description|Federal advisory committee}}
{{Distinguish|Financial Accounting Standards Board|Governmental Accounting Standards Board}}
{{Distinguish|Financial Accounting Standards Board|Governmental Accounting Standards Board}}
 
{{Organization
|OrganizationName= Federal Accounting Standards Advisory Board
|OrganizationType= Boards, Commissions, and Committees
|Mission= To improve federal financial reporting by developing and issuing federal financial accounting standards and guidance that reflect the needs of both external and internal users of federal financial information, enhancing public accountability and the efficiency of government operations.
|OrganizationExecutive= Chairman
|Employees=
|Budget=
|Website= https://www.fasab.gov
|Services= Setting accounting standards; Providing accounting guidance; Educational outreach
|ParentOrganization=
|CreationLegislation= Memorandum of Understanding among the Department of the Treasury, the Office of Management and Budget, and the Government Accountability Office (1990)
|Regulations=
|HeadquartersLocation= 38.898595, -77.026905
|HeadquartersAddress= 441 G Street NW, Suite 1155, Washington, DC 20548
}}
{{Infobox Government agency
{{Infobox Government agency
|agency_name    = Federal Accounting Standards Advisory Board
|agency_name    = Federal Accounting Standards Advisory Board

Revision as of 23:40, 7 January 2025

Not to be confused with Financial Accounting Standards Board or Governmental Accounting Standards Board.

Stored: Federal Accounting Standards Advisory Board

Federal Accounting Standards Advisory Board
Type: Boards, Commissions, and Committees
Parent organization:
Top organization:
Employees:
Executive: Chairman
Budget:
Address: 441 G Street NW, Suite 1155, Washington, DC 20548
Website: https://www.fasab.gov
Creation Legislation: Memorandum of Understanding among the Department of the Treasury, the Office of Management and Budget, and the Government Accountability Office (1990)
Wikipedia: Federal Accounting Standards Advisory BoardWikipedia Logo.png
Federal Accounting Standards Advisory Board
This map created from a Cargo query (Purge)
Mission
To improve federal financial reporting by developing and issuing federal financial accounting standards and guidance that reflect the needs of both external and internal users of federal financial information, enhancing public accountability and the efficiency of government operations.
Services

Setting accounting standards; Providing accounting guidance; Educational outreach

Regulations
Federal Accounting Standards Advisory Board
[[file:File:FASAB logo.png|

250px]]

Agency Overview
Formed October 1990
Headquarters Washington, DC
Agency Executives George A. Scott[1], Chairman
Monica R. Valentine[2], Executive Director
Website
fasab.gov

The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information.[3] FASAB is designated as the body that sets U.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred to as federal financial reporting entities.[4] The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999.[5]

The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its federal reporting entities. In order to apply the statutes of the CFO Act of 1990, the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General established FASAB to develop the "applicable accounting principles" for the newly required financial statements.

FASAB issues the Statement of Federal Financial Accounting Standards (SFFAS), Interpretations, Technical Bulletins, Technical Releases, and Staff Implementation Guidance.[6] FASAB standards are publicly available on its website--both by chapter and in the FASAB Handbook, which is updated annually.[7]

References

  1. ↑ "Board Members". https://www.fasab.gov/about-fasab/board-members/. 
  2. ↑ "Staff Members". https://www.fasab.gov/about-fasab/our-staff/. 
  3. ↑ "Mission". http://fasab.gov/mission-objectives/. 
  4. ↑ "History of FASAB". http://fasab.gov/the-history-of-fasab/#designation. 
  5. ↑ http://www.aicpa.org/Research/Standards/CodeofConduct/DownloadableDocuments/2014December15ContentAsof2016August31CodeofConduct.pdf section 1.320.020 paragraph .03
  6. ↑ "Foreword". FASAB Handbook of Federal Accounting Standards and Other Pronouncements. http://files.fasab.gov/pdffiles/handbook_foreword.pdf. 
  7. ↑ "Standards & Guidance". http://fasab.gov/accounting-standards/. 

External links

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