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Federal Accounting Standards Advisory Board: Difference between revisions
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FASAB issues the Statement of Federal Financial Accounting Standards (SFFAS), Interpretations, Technical Bulletins, Technical Releases, and Staff Implementation Guidance.<ref>{{cite book|chapter-url=http://files.fasab.gov/pdffiles/handbook_foreword.pdf|title=FASAB Handbook of Federal Accounting Standards and Other Pronouncements|chapter=Foreword}}</ref> FASAB standards are publicly available on its website--both by chapter and in the FASAB Handbook, which is updated annually.<ref>{{cite web|url=http://fasab.gov/accounting-standards/|title=Standards & Guidance|website=fasab.gov}}</ref> | FASAB issues the Statement of Federal Financial Accounting Standards (SFFAS), Interpretations, Technical Bulletins, Technical Releases, and Staff Implementation Guidance.<ref>{{cite book|chapter-url=http://files.fasab.gov/pdffiles/handbook_foreword.pdf|title=FASAB Handbook of Federal Accounting Standards and Other Pronouncements|chapter=Foreword}}</ref> FASAB standards are publicly available on its website--both by chapter and in the FASAB Handbook, which is updated annually.<ref>{{cite web|url=http://fasab.gov/accounting-standards/|title=Standards & Guidance|website=fasab.gov}}</ref> | ||
{{Organization | |||
|OrganizationName= Federal Accounting Standards Advisory Board | |||
|OrganizationType= Independent Agency | |||
|Mission= To promote the accountability and transparency of the federal government's financial reporting by developing and implementing accounting standards for the U.S. Government. | |||
|OrganizationExecutive= Chairperson | |||
|Employees= 15 | |||
|Budget= Part of the U.S. Treasury Department's budget (specific allocation not publicly detailed) | |||
|Website= https://www.fasab.gov/ | |||
|Services= Development of accounting standards; Research and analysis; Public consultations | |||
|ParentOrganization= | |||
|CreationLegislation= Memorandum of Understanding among the Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget, 1990 | |||
|Regulations= | |||
|HeadquartersLocation= 38.8973, -77.0099 | |||
|HeadquartersAddress= 441 G Street NW, Washington, DC 20548, USA | |||
}} | |||
'''Federal Accounting Standards Advisory Board (FASAB)''' is an independent advisory body that sets accounting standards for the United States Government's financial reports. | |||
{{Official URL (simple)|url=https://www.fasab.gov}} | |||
==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 [[wikipedia:Memorandum of Understanding|Memorandum of Understanding]] among the Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget in 1990. | |||
==Partners== | |||
- [[wikipedia:Government Accountability Office|Government Accountability Office]] | |||
- [[wikipedia:United States Department of the Treasury|Department of the Treasury]] | |||
- [[wikipedia:Office of Management and Budget|Office of Management and Budget]] | |||
==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== | |||
* https://www.fasab.gov/ | |||
* [[wikipedia:Government_Accountability_Office|Government Accountability Office on Wikipedia]] | |||
[[Category:Independent Agencies]] | |||
==References== | ==References== | ||