Federal Accounting Standards Advisory Board

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.

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, the standards are published by OMB and the General Accounting Office and become authoritative.

The following documents related to the establishment and mission of the Board are available from the FASAB: "Memorandum of Understanding Between the General Accounting Office, the Department of the Treasury, and the Office of Management and Budget, on Federal Government Accounting Standards and a Federal Accounting Standards Advisory Board" "Mission Statement: Federal Accounting Standards Advisory Board"