Accounting Standards

To assist federal entities and others in selecting the most appropriate source of guidance to use in preparing, auditing, and understanding the FASAB accounting and financial reporting requirements for general purpose federal financial reports, FASAB has simplified the organization of its guidance into two types of information source—authoritative and other.

Authoritative Source of Guidance
The most authoritative (best) source of accounting and financial reporting guidance developed by FASAB for federal entities is The FASAB Handbook of Accounting Standards and Other Pronouncements, As Amended (FASAB Handbook)

Please refer to the FASAB Handbook for FASAB accounting standards and other pronouncements before referring to other sources of information.

The FASAB Handbook is the best reference for final accounting standards and other pronouncements because it is updated with any changes from amendments that have been finalized as of the issue date.

Other Sources of Information
FASAB has also developed other sources of information, such as guides, reports, listings, and other documents, which are not generally considered to be authoritative sources of accounting and financial reporting guidance, but may be useful if referenced in the proper context.