Difference between revisions of "Federal Accounting Standards Advisory Board"

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The Chief Financial Officers Act of 1990—as amended by the Government Management Reform Act of 1994—for the first time required annual, audited financial statements for the United States Government and its component  
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The Chief Financial Officers Act of 1990—as amended by the Government Management Reform Act of 1994—for the first time required annual, audited financial statements for the United States Government and its component entities, referred to as federal reporting entities. The Act also established the position of Chief Financial Officer in each department to ensure the development of integrated agency accounting and financial management systems, including financial reporting and internal controls, which comply with applicable accounting principles, standards, and requirements, and internal control standards.
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entities, referred to as federal reporting entities. The Act
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also established the position of Chief Financial Officer in
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each department to ensure the development of integrated
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agency accounting and financial management systems,
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including financial reporting and internal controls, which
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comply with applicable accounting principles, standards,
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and requirements, and internal control standards.
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In conjunction with passage of the CFO Act of 1990, the
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In conjunction with passage 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. The Board’s Steering Committee, comprised of the Chairperson and the Board members from Treasury, OMB, and GAO, is responsible for administrative matters. Both Board and Steering Committee meetings are open to the public, with notice of meeting times and locations being published in the Federal Register and on the FASAB’s Web site at
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Secretary of the Treasury, the Director of the Office of
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Management and Budget (OMB), and the Comptroller
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General established FASAB to develop the “applicable
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accounting principles” for the newly required financial
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statements. The Board’s Steering Committee, comprised
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of the Chairperson and the Board members from
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Treasury, OMB, and GAO, is responsible for
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administrative matters. Both Board and Steering
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Committee meetings are open to the public, with notice of
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meeting times and locations being published in the
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Federal Register and on the FASAB’s Web site at
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http://www.fasab.gov.  
 
http://www.fasab.gov.  
  
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The Federal Accounting Standards Advisory Board (FASAB, or "the Board") was established in October 1990 by the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General. The nine-member Board was created to consider and recommend accounting principles for the federal government.
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==Links==
  
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The Board communicates its recommendations by publishing recommended accounting standards after considering the financial and budgetary information needs of congressional oversight groups, executive agencies, and other users of federal financial information. The Board also considers comments from the public on its proposed recommendations, which are published for comments as "exposure drafts." After considering oral and written comments, the standards may be recommended by the Board. The Board's sponsors then decide whether to adopt the recommendations. If adopted,
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http://www.fasab.gov.
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the standards are published by OMB and the General Accounting Office and become authoritative.
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The following documents related to the establishment and mission of the Board are available from the
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FASAB:
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"Memorandum of Understanding Between the General Accounting Office, the
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Department of the Treasury, and the Office of Management and Budget, on Federal Government
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Accounting Standards and a Federal Accounting Standards Advisory Board"
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"Mission Statement: Federal Accounting Standards Advisory Board"
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Latest revision as of 13:07, 30 April 2015

Article I, Section 9 of the Constitution of the United States provides that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.” Various laws have subsequently provided additional accounting and reporting requirements suitable for the needs of each era, and have vested various public officials with responsibilities for financial management.


The Chief Financial Officers Act of 1990—as amended by the Government Management Reform Act of 1994—for the first time required annual, audited financial statements for the United States Government and its component entities, referred to as federal reporting entities. The Act also established the position of Chief Financial Officer in each department to ensure the development of integrated agency accounting and financial management systems, including financial reporting and internal controls, which comply with applicable accounting principles, standards, and requirements, and internal control standards.


In conjunction with passage 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. The Board’s Steering Committee, comprised of the Chairperson and the Board members from Treasury, OMB, and GAO, is responsible for administrative matters. Both Board and Steering Committee meetings are open to the public, with notice of meeting times and locations being published in the Federal Register and on the FASAB’s Web site at http://www.fasab.gov.

Links

http://www.fasab.gov.

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