Federal Accounting Standards Advisory Board

From USApedia
Federal Accounting Standards Advisory Board
Type: Boards, Commissions, and Committees
Parent 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
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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]


Official Site

Mission

The mission of the Federal Accounting Standards Advisory Board is to develop and promote federal financial accounting standards that foster accountability, transparency, and effective management of public resources. FASAB works to ensure that financial information reported by the federal government is understandable, relevant, and reliable for decision-making by Congress, federal executives, and the public.

Parent organization

FASAB does not have a parent organization per se but operates under a formal agreement involving the U.S. Government Accountability Office (GAO), the U.S. Department of the Treasury, and the Office of Management and Budget (OMB).

Legislation

FASAB was established by a Memorandum of Understanding among the Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget in 1990.

Partners

Number of employees

FASAB has approximately 15 employees.

Organization structure

  • Board of Directors includes members from GAO, Treasury, OMB, and the public, overseeing the development of accounting standards.
  • Technical Agenda Committee advises on the technical aspects of standard-setting and research.

List of programs

  • Development of Federal Financial Accounting Standards
  • Research and Guidance on Federal Financial Reporting

Last total enacted budget

The budget for FASAB is not separately disclosed but is part of the broader U.S. Treasury Department's budget.

Leader

The leader of FASAB holds the title of Chairperson.

Services provided

FASAB develops accounting standards for federal financial reporting, conducts research, and provides guidance to improve the consistency and quality of government financial reports. It engages with stakeholders through public consultations and educational outreach to inform and refine its standards.

Regulations overseen

While FASAB does not directly oversee regulations, its standards are used to ensure compliance with federal financial reporting requirements set by laws like the Chief Financial Officers Act of 1990.

Headquarters address

441 G Street NW, Washington, DC 20548, USA

Website

https://www.fasab.gov/

Wikipedia article

wikipedia:Federal Accounting Standards Advisory Board

External links

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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